Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 198

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 198
---
 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 December 31, 2024, the Company had cash of $16,868 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. 

F-14

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As of December 31, 2024, the Company had a working
deficit of $7,530,216. 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
Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would
be identical to the Private Placement Units. In the event that the initial Business Combination does not close, the Company may use a
portion of the working capital held outside of the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account
would be used for such repayment. On April 11, 2023, the Company issued the Convertible Promissory Note (“Convertible Promissory
Note 1”) in the total principal amount of up to $825,000 to the Sponsor. The Convertible Promissory Note 1 bears an interest
accruing on the unpaid and outstanding total