Company: SMNR
Filing Date: 2025-03-25
Form Type: PRER14A
Source: 0001013762-25-002297
Chunk: 65

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-25
Form: PRER14A
Chunk 65
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 $412,500, with the remaining $412,500 drawable at our request prior to the maturity of the Convertible Promissory Note. On April 2, 2024, we and the Sponsor amended the Convertible Promissory Note to raise the total borrowing limit to $1,200,000. On January 24, 2025, we and the Sponsor amended the Convertible Promissory Note to raise the total borrowing limit to $2,000,000. The Convertible Promissory Note bears an interest equivalent to the lowest short -termApplicable Federal Rate, and matures upon the earlier of (i) the closing of the Company’s initial business combination and (ii) the date of the liquidation of the Company. At the option of the Sponsor, upon consummation of 40 a business combination, the Convertible Promissory Note may be converted in whole or in part into additional Class A ordinary shares of the Company, at a conversion price of $10 per ordinary share (the “Conversion Shares”). The terms of the Conversion Shares will be identical to those of the private placement shares that were issued to the Sponsor in connection with the IPO. In the event that we do not consummate a business combination, the Convertible Promissory Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. On July 10, 2024, we issued a promissory note (the “Sponsor Extension Convertible Promissory Note”) in the total principal amount of up to $180,000 to the Sponsor. The Sponsor Extension Convertible Promissory Note does not bear interest and matures upon the earlier of (i) the effective date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company. The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037, with the remaining $164,963 drawable at the Company’s request and upon the consent of the Sponsor prior to the maturity of the Sponsor Extension Convertible Promissory Note. As of September 30, 2024, there was an aggregate principal amount of $1,308,200 outstanding under the Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note. Compensation None of our executive officers or directors have received any cash compensation for services rendered to the Company. In addition, the Sponsor, our executive officers and directors,