Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 12

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 12
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 articles of association:

●conduct
the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation
of proxies, and not pursuant to the tender offer rules; and

●file
proxy materials with the SEC.

5

Submission
of Our Initial Business Combination to a Stockholder Vote

In
the event that we seek shareholder approval of our initial business combination, we will distribute proxy materials and, in connection
therewith, provide our public shareholders with the redemption rights described above upon completion of the initial business combination.

If
we seek shareholder approval of our initial business combination, we will complete our initial business combination only if we obtain
the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders
who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management team and board of
directors have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, assuming
our sponsor and each member of our management team and board of directors continue to own the shares they currently own, we would not
need any additional shares to be voted in favor of a transaction, in order to have such initial business combination approved. Each public
shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote
at all. In addition, our sponsor and each member of our management team and Scilex and our directors 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 a 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 April 11, 2025 (or as may be extended by a shareholder
vote to further extend the time to complete an initial business combination, as applicable) or (B) with respect to any other provision
relating to the rights of holders of our Class A ordinary shares.

Limitation
on Redemption upon Completion of our Initial