Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 24

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
 of $1,574,970
and $15,037 outstanding under Working Capital Loans in the form of the Convertible Promissory Note 1 and 2, respectively, issued
to the Sponsor.

On July 11, 2023, the Company issued a convertible
note (“FutureTech Convertible Promissory Note”) in the total principal amount of $825,000 to FutureTech Capital LLC (“FutureTech”)
and 100% of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business
combination. On October 11, 2023, the Company issued another convertible promissory note in the total principal amount of up to $450,000 to
FutureTech. The Convertible Promissory Note was issued with an initial principal balance of $50,000, with the remaining $400,000 drawable
at the Company’s request and upon the consent of FutureTech prior to the maturity of the Convertible Promissory Note. Consequently,
$400,000 of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business
combination from October 11, 2023 to July 11, 2024. As of June 30, 2025, there was an amount of $1,275,000 outstanding in the form
of the Convertible Promissory Note issued to FutureTech. Further, the amount of $78,224 with interest at 4.80% on amount borrowed
from Futuretech for the Extension was recognized as accrued interest expense – others as of June 30, 2025.

On August 9, 2024, the Company issued a convertible
promissory note in the total principal amount of up to $180,000 to Scilex (the “Extension Scilex Convertible Promissory Note”).
The Extension Scilex Convertible Promissory Note was issued with an initial principal balance of $15,064, with the remaining $164,936
drawable at the Company’s request and upon the consent of Scilex prior to the maturity of the Extension Scilex Convertible Promissory
Note. The Extension Scilex Convertible Promissory Note 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