Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1195

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1195
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 period; and 

    ● if, and only if, the last reported sale price of ordinary shares equals or exceeds $16.50 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 

The
Company will not redeem the warrants unless a registration statement under the Securities Act covering the ordinary shares issuable upon
exercise of the warrants is effective and a current prospectus relating to those ordinary shares is available throughout the 30-day redemption
period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the
Securities Act. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is
unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If
the Company calls the warrants for redemption as described above, its management will have the option to require all holders that wish
to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” the Company’s management will consider, among other factors, the cash position, the number of
warrants that are outstanding and the dilutive effect on the Company’s shareholders of issuing the maximum number of ordinary shares
issuable upon the exercise of the Company’s warrants. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of
Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” over the exercise
price of the warrants by (y) the fair market value. The “fair market value” shall mean the volume weighted average price
of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants.

NOTE
8 – FAIR VALUE MEASUREMENTS

The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities