Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1373

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9
Chunk 1373
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 upon redemption or liquidation. On the
exercise of any warrant, the warrant exercise price will be paid directly to the Company and not placed in the Trust Account.

In
addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share
(with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such
issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on
the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates
an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the
warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value or the Newly Issued Price
and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the higher
of the Market Value or the Newly Issued Price.

The
Company has not registered the Class A ordinary shares issuable upon exercise of the warrants at this time. However, the Company has
agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination,
it will use commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants, and it will use commercially reasonable efforts to cause the same to become effective within 60 business
days following the initial Business Combination and to maintain a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares are