Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 11

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 11
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 combination does not close. Our sponsor and each member
of our management team and our directors and Scilex have entered into an agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of our
initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles
of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the
right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we
do not complete our initial business combination by the Extended Date or (B) with respect to any other provision relating to the rights
of holders of our Class A ordinary shares.

Manner
of Conducting Redemptions

We
will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion
of our initial business combination either (i) in connection with a general meeting called to approve the business combination or (ii)
by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction
and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing
requirement or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder
approval under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers
with our company and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our
amended and restated memorandum and articles of association would typically require shareholder approval. We currently intend to conduct
redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law or stock exchange listing
requirement or we choose to conduct redemptions pursuant to the tender offer rules of the SEC for business or other reasons. So long
as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with Nasdaq rules. If we held a shareholder
vote to approve our initial business combination, we will, pursuant to our amended and restated memorandum and