Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 57

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 57
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to our sponsor had exceeded this limit, reaching $1,408,200, resulting in an overdrawn position. To remediate this overdrawn balance,
on January 24, 2025, we issued a third amended and restated promissory note (the “Third Restated Note”), increasing the total
principal amount to $2,000,000. We may draw down on the Third Restated Note from time to time prior to the earlier of (i) the closing
of Denali’s initial business combination and (ii) the date of the liquidation of the Company. In the event we do not consummate
the Business Combination, the Third Restated Note will be repaid only to the extent that we have funds available to it outside of the
Trust Account.

After
our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees
from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the proxy
solicitation or tender offer materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation
will be known at the time of distribution of such proxy solicitation or tender offer materials or at the time of a general meeting held
to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine
executive and director compensation.

31

We
have entered into a registration and shareholder rights agreement with respect to the founder shares and Private Placement Warrants,
which is described under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations - Other Contractual Obligations.”

Policy
for Approval of Related Party Transactions

The
audit committee of our board of directors has adopted a charter, providing for the review, approval and/or ratification of “related
party transactions,” which are those transactions required to be disclosed pursuant to Item 404 of Regulation S-K as promulgated
by the SEC, by the audit committee. At its meetings, the audit committee shall be provided with the details of each new, existing, or
proposed related party transaction, including the terms of the transaction, any contractual restrictions that we have already committed
to, the business purpose of the transaction, and the benefits of the transaction to us and to the relevant related party. Any member
of the committee who has an interest in the related party transaction under review