Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 42

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 and the remaining aggregate $2,021,250 of deferred underwriting compensation owed
will remain payable at the Closing in cash under the original terms of the underwriting agreement.

22

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

NOTE
7 – SHAREHOLDER’S DEFICIT

Preference
shares – The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per
share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board
of directors. As of March 31,2025 and December 31, 2024, there were no preference shares issued and outstanding.

Class
A Ordinary Shares – The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value
of $0.0001 per share. As of March 31,2025 and December 31, 2024, there were 510,000 Class A ordinary shares issued and
outstanding, excluding 751,837 Class A ordinary shares subject to possible redemption, respectively.

Class
B Ordinary Shares – The Company is authorized to issue 20,000,000 Class B ordinary shares with
a par value of $0.0001 per share. As of March 31,2025 and December 31, 2024, there were 2,062,500 Class B ordinary shares
issued and outstanding. On May 23, 2022, 93,750 Class B ordinary shares were forfeited as the underwriters did not exercise
the over-allotment option on the remaining 375,000 Public Units. 

Prior to the Company’s initial Business
Combination, only holders of Class B ordinary shares will have the right to vote on the appointment of directors and holders of a majority
of the Company’s Class B ordinary shares may remove a member of the board of directors for any reason. In addition, in a vote to
continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval of at least two-thirds of the votes of
all ordinary shares voted at a general meeting), holders of founder shares will have ten votes for every founder share and holders of
Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, the Company’s initial shareholders