Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 441

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 441
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3. On December 29, 2023 the Company and Sponsor agreed that, in addition to the Initial Principal
Amount, the Company may request an additional aggregate amount of up to $157,500, which may be drawn down in one or more tranches at any
time prior to the Maturity Date, raising the total limit up to $1,000,000. On April 2, 2024, the Company and Sponsor agreed that, in addition
to the Initial Principal Amount, the Company may request an additional aggregate amount of up to $186,800, which may be drawn down in
one or more tranches at any time prior to the Maturity Date raising the total limit up to $1,200,000. On January 24, 2025, the Company
and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional aggregate amount of up to
$591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the total limit up to $2,000,000.
The Sponsor further lent an aggregate of $565,700 to the Company against the Convertible Promissory Note during the year ended December
31, 2024. As of December 31, 2024, there was an amount of $1,408,200 outstanding under Working Capital Loans in the form of the Convertible
Promissory Note issued to Sponsor. Further, an amount of $74,555 with interest at 4.86% on the amount borrowed from the Sponsor
was recognized as accrued interest expense – related party as of December 31, 2024.

On
July 10, 2024, the Company issued Convertible Promissory Note 2 in the total principal amount of up to $180,000 to Sponsor. The Convertible
Promissory Note 2 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 Convertible Promissory Note 2. 

F-24

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

NOTE
6 – COMMITMENTS AND CONTINGENCIES

Registration
Rights

The
holders of the founder shares, Private Placement Shares and Private Placement Warrants, including any of those issued upon conversion
of