Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 660

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 660
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 in the Trust Account.

F-22

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

If
the Company does not complete a Business Combination by April 11, 2025 (or as may be extended by a shareholder vote to further extend
the time to consummate a business combination, as applicable)(refer to Note 1), the proceeds from the sale of the Private Placement Units
held in the Trust Account will be used to fund the redemption of the Company’s Class A ordinary shares (subject to the requirements
of applicable law) and the Private Placement Units and all underlying securities will expire worthless. The Private Placement Units will
not be transferable, assignable, or saleable until 30 days after the completion of an initial Business Combination, subject to certain
exceptions.

NOTE
5 – RELATED PARTY TRANSACTIONS

Founder
Shares

On
February 3, 2022, the Company issued an aggregate of 2,156,250 founder shares to the Sponsor in exchange for a
payment of $25,000 from the Sponsor for deferred offering costs. In March 2022, the Sponsor transferred 20,000 founder
shares to the Chief Financial Officer of the Company and 110,000 founder shares to certain members of the Company’s board
of directors. On May 23, 2022, 93,750 founder shares were forfeited by the Sponsor as the underwriters did not exercise their over-allotment
option on the remaining 375,000 Public Units (see Note 6), resulting in the Sponsor holding a balance of 1,932,500 founder
shares.

The
founder shares are identical to the Class A ordinary shares included in the units sold in the IPO, except that the founder shares will
automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination (see Note 7). Also,
the Sponsor and each member of the Company’s management team have entered into an agreement with the Company, pursuant
to which they have agreed to waive their redemption rights with respect to any founder shares and Public Shares held by them.

The
Sponsor and the Company’s directors and executive officers have agreed not to transfer, assign or sell any of their founder shares
until the earlier of (A) one year after the completion of an initial Business Combination and (B) subsequent to the