Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 466

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 466
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 under the Sponsor Convertible Promissory Note. To remediate this overdrawn balance, on January 24, 2025, we amended and restated the Sponsor Convertible Promissory Note to increase the total principal amount to $2,000,000.

On July 10, 2024, the Company issued the Sponsor Extension Convertible Promissory Note in the total principal amount of up to $180,000 to the Sponsor. The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037, with the remaining $164,963 drawable at the Company’s request and upon the consent of the Sponsor prior to the maturity of the Sponsor Extension Convertible Promissory Note.

On July 11, 2023, the Company issued the FutureTech Convertible Promissory Note to FutureTech, and 100% of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business combination. On October 11, 2023, the Company issued the Second FutureTech Convertible Promissory Note to FutureTech. The Second FutureTech Convertible Promissory Note was issued with an initial principal balance of $50,000, with the remaining $400,000 drawable at the Company’s request and upon the consent of FutureTech prior to the maturity of the Second FutureTech Convertible Promissory Note. Consequently, $400,000 of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business combination from October 11, 2023 to July 11, 2024. As of December 31, 2024, there was an amount of $1,275,000 outstanding in the form of the FutureTech Convertible Promissory Note issued to FutureTech. Further, the amount of $58,586 with interest at 4.80% on amount borrowed from FutureTech for the Extension was recognized as accrued interest expense – others as of December 31, 2024.

Based on the foregoing, management believes that we will not have sufficient working capital and borrowing capacity to meet our needs through the consummation of the initial business combination. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide any assurance that new financing