Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 44

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise
of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a
cashless basis under the circumstances specified in the warrant agreement). The warrants will expire at 5:00 p.m., New York City time,
five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. On the exercise of any
warrant, the warrant exercise price will be paid directly to the Company and not placed in the Trust Account.

23

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

In addition, if (x) the
Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of an initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue
price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor
or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such
issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of
the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation
of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares
during the 20-trading day period starting on the trading day prior to the day on which the Company consummates an initial Business Combination
(such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the higher of the Market Value or the Newly Issued Price and the $16.50 per share redemption
trigger price will be adjusted (to the nearest cent) to be equal to 165% of the higher of the Market Value or the Newly Issued Price.

The Company has not registered
the Class A ordinary shares issuable upon exercise of the warrants at this time. However, the Company has agreed that as soon as practicable,
but in no event later than 20 business days after the closing of