Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 20

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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000 was placed in the Trust Account, and the Company had $1,515,795 of cash held outside of the
Trust Account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO, the
Company incurred $5,105,315 in transaction costs, consisting of $1,650,000 of underwriting fees, $2,887,500 of deferred
underwriting fees and $567,815 of other offering costs.

As of March 31, 2025, all of the assets of $9,145,167
held in the Trust Account have been held solely in cash in an interest-bearing demand deposit account at a bank. The Company intends to
use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account
(less income taxes payable), to complete the Business Combination. To the extent that the Company’s share capital or debt is used,
in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue the Company’s
growth strategies.

As of March 31, 2025, the Company had cash of
$2,736 outside of the Trust Account. If the Company does not complete the business combination, it intends to use the funds held outside
the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses,
travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review
corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination. 

11

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

As of March 31, 2025, the Company had a working
deficit of $7,848,981. In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination,
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to,
loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination,
it will repay such loaned amounts without interest, or, at the lender’s discretion, up to $1.5 million of such Working