Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 245

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 245
---
 approximately $0.012 per share. The sponsor later transferred 20,000 founder shares
to our Chief Financial Officer and 110,000 founder shares to certain members of our board of directors and forfeited 93,750 founder shares
pursuant to the underwriters partially exercising their over-allotment option. The sale of the founder shares was made pursuant to an
exemption from registration contained in Section 4(a)(2) of the Securities Act.

As
described above under the heading “Business - General” in Part I of this report, on April 11, 2022, we consummated the Private
Placement, with our sponsor and the underwriters, of an aggregate of 510,000 Private Placement Units (including over-allotment of 30,000
units) at a purchase price of $10.00 per Private Placement Unit, to the sponsor, generating gross proceeds of $5,100,000. The private
placement warrants in the Private Placement Units are substantially similar to the Public Warrants, except that if held by the sponsor
or its permitted transferees, they may be exercised for cash or on a cashless basis and subject to certain limited exceptions and will
be subject to transfer restrictions until 30 days following the consummation of an initial business combination. If the Private Placement
Warrants are held by holders other than the sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by
us under all redemption scenarios and exercisable by holders on the same basis as the Public Warrants. The Private Placement Warrants
have been issued pursuant to, and are governed by the Private Placement Units Purchase Agreement. The issuances of the Private Placement
Units were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. The sale of the Private
Placement Warrants was made pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act.

11

On
August 30, 2024, the sponsor and Scilex entered into a sponsor interest purchase agreement (the “Sponsor Interest Purchase Agreement”),
pursuant to which Scilex purchased 500,000 Class B ordinary shares (the “Purchased Interests”), that were then-held by the
sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash
Consideration”)