Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 36

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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7). 

NOTE
4 – PRIVATE PLACEMENT

Simultaneously with the closing of the IPO, the
Company consummated a private placement and the Sponsor purchased an aggregate of 510,000 Private Placement Units (including 30,000 Private
Placement Units pursuant to the underwriters’ partial exercise of the over-allotment option) at a price of $10.00 per Private
Placement Unit, generating gross proceeds to the Company of $5,100,000. Each whole Private Placement Unit consists of one Class
A ordinary share (“Private Placement Shares”) and one warrant (“Private Placement Warrants”). Each Private
Placement Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment. Certain of the proceeds from the sale of the Private Placement Units were added to the net proceeds from the IPO held in the
Trust Account.

If the Company does not complete a Business Combination
by June 11, 2025 (or as may be extended by a shareholder vote to further extend the time to consummate a business combination, as applicable)(refer
to Note 1), the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of
the Company’s Class A ordinary shares (subject to the requirements of applicable law) and the Private Placement Units and all underlying
securities will expire worthless. The Private Placement Units will not be transferable, assignable, or saleable until 30 days after the
completion of an initial Business Combination, subject to certain exceptions.

NOTE
5 – RELATED PARTY TRANSACTIONS

Founder
Shares

On February 3, 2022, the Company issued an aggregate
of 2,156,250 founder shares to the Sponsor in exchange for a payment of $25,000 from the Sponsor for deferred
offering costs. In March 2022, the Sponsor transferred 20,000 founder shares to the Chief Financial Officer of the Company
and 110,000 founder shares to certain members of the Company’s board of directors. On May 23, 2022, 93,750 founder
shares were forfeited by the Sponsor as the underwriters did not exercise their over-allotment option on the remaining 375,000 Public
Units (see Note 6