Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1668

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1668
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 of our sponsor’s organizational documents upon
liquidation or dissolution of our sponsor; (g) to us for no value for cancellation in connection with the consummation of our initial
business combination; (h) in the event of our liquidation prior to the completion of our initial business combination; or (i) in the
event of our completion of a liquidation, merger, share exchange or other similar transaction which results in all of our public shareholders
having the right to exchange their Class A ordinary shares for cash, securities or other property after our completion of our initial
business combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written
agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement.

Item
13. Certain Relationships and Related Transactions, and Director Independence.

In
February 2022, we issued an aggregate of 2,156,250 founder shares to our sponsor in exchange for a payment of $25,000 from our sponsor
to cover for certain expenses on behalf of us, or approximately $0.012 per share. Our sponsor later transferred 20,000 founder shares
to our Chief Financial Officer and 110,000 founder shares to certain members of our board of directors and forfeited 93,750 founder shares
pursuant to the underwriters partially exercising their over-allotment option. On August 30, 2024, the sponsor and Scilex entered into
the Sponsor Interest Purchase Agreement, pursuant to which Scilex purchased the Purchased Interests that were then-held by the sponsor.
The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) the Cash Consideration and (ii) 300,000
Scilex Shares. Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash Consideration and has agreed to issue the Scilex
Shares to the sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically,
on a one-for-one basis, into one share of New Semnur Common Stock at the effective time of the Domestication (as defined in the Merger
Agreement) pursuant to the terms of the Merger Agreement.

30

Our
sponsor has purchased an aggregate of 510,000 Private Placement Units (with each Private Placement Unit consisting of one Private Placement
Share and one Private Placement Warrant)