Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 251

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 251
---
x Holding Company (“Scilex”), for a potential business combination.

On
July 10, 2024, the shareholders of the Company held an extraordinary general meeting of shareholders (the “Shareholder Meeting”)
to consider and vote upon a proposal to amend, by way of special resolution, the Articles to extend the date by which the Company must:
(i) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving
the Company and one or more businesses or entities (an “initial business combination”); (ii) cease its operations, except
for the purpose of winding up, if it fails to complete such initial business combination; and (iii) redeem 100% of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), included as part of the units sold
in the Company’s IPO that was consummated on April 11, 2022, from July 11, 2024 to April 11, 2025, by electing to extend the date
to consummate an initial business combination on a monthly basis for up to nine (9) times by an additional one month each time, unless
the closing of the Company’s initial business combination has occurred, without the need for any further approval of the Company’s
shareholders, provided that the sponsor (or its affiliates or permitted designees) will deposit into the Trust Account for each such
one-month extension the lesser of (a) an aggregate of $20,000 or (b) $0.02 per public share that remains outstanding and is not redeemed
prior to any such one-month extension, unless the closing of the Company’s initial business combination has occurred, in exchange
for a non-interest bearing promissory note payable upon consummation of an initial business combination. 

In
connection with the Shareholder Meeting, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for
a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $43.4 million (approximately $11.47
per share) was removed from the Trust Account to pay such holders. Following redemptions, the Company had 751,837 public shares outstanding. 

On July 10, 2024, the Company
issued a convertible promissory note in the total principal amount of up to $180,000 to the sponsor