Company: SMNR
Filing Date: 2025-03-25
Form Type: PRER14A
Source: 0001013762-25-002297
Chunk: 29

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-25
Form: PRER14A
Chunk 29
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 a money market fund and meeting certain conditions under Rule 2a -7of the Investment Company Act, as determined by the Company. However, on June 4, 2024, to mitigate the risk of being deemed to have been operating as an unregistered investment company under the Investment Company Act, we instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the U.S. government securities or money market funds held in the trust account and thereafter to hold all funds in the trust account in cash in an interest -bearingbank deposit account until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the funds in the trust account as described below. Interest on bank deposit accounts is variable and such accounts currently yield interest of approximately 4.5% per annum. On October 11, 2023, in connection with the approval of proposed amendments to the amended and restated memorandum and articles of association of the Company, shareholders holding 3,712,171 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, leaving 4,537,829 public shares outstanding. On July 10, 2024, in connection with the approval of proposed amendments to the amended and restated memorandum and articles of association of the Company, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, leaving 751,837 public shares outstanding. Nasdaq IM -5101-2requires that we complete a business combination within 36 months of the effectiveness of our initial public offering registration statement of April 6, 2022, which is April 6, 2025. Nasdaq Rule 5815 was amended effective October 7, 2024 to provide for the immediate suspension and delisting for failure to meet the 36 -monthrequirement to complete a business combination. Accordingly, if we do not complete our business combination by April 6, 2025, our securities will face immediate trading suspension and delisting action once we receive a delisting determination letter from Nasdaq. In addition, even if we appeal the suspension and delisting, the trading suspension will not be stayed during the pendency of any such appeal and a Nasdaq hearings panel may only reverse the Nasdaq’s staff’s determination if it finds it made a factual error applying Nasdaq IM -5101-2