Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 483

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 483
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 that the initial business combination does not close, we may use a portion of the working capital held outside of the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. On April 11, 2023, we issued the Sponsor Convertible Promissory Note in the total principal amount of up to $825,000 to the Sponsor. The Sponsor Convertible Promissory Note bears an interest accruing on the unpaid and outstanding total principal amount at the lowest short-term Applicable Federal Rate as in effect on the date thereof and is payable in arrears on the maturity date. Interest will be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law. The Sponsor Convertible Promissory Note was issued with an initial principal balance of $412,500. The Sponsor has further lent loans in the aggregate amount of $430,000 on July 18, 2023, October 12, 2023 and December 29, 2023. The Sponsor further lent an aggregate of $565,700 to the Company against the Sponsor Convertible Promissory Note during the three months ended March 31, 2025. As of December 31, 2024, there was an amount of $1,408,200 outstanding under Working Capital Loans in the form of the Sponsor Convertible Promissory Note issued to the 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 April 2, 2024, the Company and the 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, we amended and restated the Sponsor Convertible Promissory Note to increase the total principal amount to $2,000,000. For the three months ended March 31, 2025, the Company has drawn down a total of $100,000 of the additional aggregate amount available.

On July 10, 2024, the Company issued the Sponsor Extension Convertible Promissory Note in the total principal amount of up to