Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1194

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1194
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 day period starting on the trading day prior to the day on which the Company consummates
an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the
warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value or the Newly Issued Price
and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the higher
of the Market Value or the Newly Issued Price.

The
Company has not registered the Class A ordinary shares issuable upon exercise of the warrants at this time. However, the Company has
agreed that as soon as practicable, but in no event later than 20 business days after the closing of the initial Business Combination,
it will use commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants, and it will use commercially reasonable efforts to cause the same to become effective within 60 business
days following the initial Business Combination and to maintain a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so
elects, it will not be required to file or maintain in effect a registration statement, but the Company will be required to use commercially
reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

F-26

Denali
                                            Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

Redemption
of Warrants

Once
the warrants become exercisable, the Company may redeem the outstanding warrants:

    ●
    in whole and not in part;

    ● at a price of $0.01 per warrant; 

    ● upon a minimum of 30 days’ prior written notice of redemption, which is referred to as the 30-day redemption