Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 18

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 18
---

over us in negotiating a business combination and may decrease our ability to conduct due diligence on potential business combination
targets as we approach our dissolution deadline, which could undermine our ability to complete our business combination on terms that
would produce value for our shareholders.

●We
may not be able to complete our initial business combination within the prescribed time frame, in which case we would cease all operations
except for the purpose of winding up and we would redeem our public shares and liquidate, or less than such amount in certain circumstances,
and our warrants will expire worthless.

●If
the net proceeds of the IPO and the sale of the Private Placement Units not being held in the Trust Account are insufficient to allow
us to operate until the Extended Date, it could limit the amount available to fund our search for a target business or businesses and
our ability to complete the Business Combination, and we will depend on loans from our sponsor, its affiliates or members of our management
team to fund our search and to complete the Business Combination.

●As
the number of special purpose acquisition companies evaluating targets increases, attractive targets may become scarcer and there may
be more competition for attractive targets. This could increase the cost of our initial business combination and could even result in
our inability to find a target or to consummate an initial business combination.

●If
we seek shareholder approval of our initial business combination, our sponsor, directors, executive officers, advisors and their affiliates
may elect to purchase shares from public shareholders, which may influence a vote on a proposed business combination and reduce the public
“float” of our Class A ordinary shares or Public Warrants.

●If
a public shareholder fails to receive notice of our offer to redeem our public shares in connection with our business combination, or
fails to comply with the procedures for tendering its shares, such shares may not be redeemed.

●

Nasdaq will suspend trading of our securities and commence delisting
proceedings on or about April 7, 2025 due to the Company’s failure satisfy listing rule IM-5101-2 to consummate a business combination
within 36 months of effectiveness of its initial public offering registration statement, which will adversely affect the trading market
for our securities and may impair our ability to complete a business combination.

●Our
shareholders will not be entitled to protections normally afforded to investors of many other blank check companies.

●We
may not have sufficient funds to satisfy indemnification claims of our directors and executive officers.

●You
will not