Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 187

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 187
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 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 Convertible Promissory
Note 2. The Convertible Promissory Note 2 matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company. 

On August 9, 2024, the Company issued a convertible promissory note
in the total principal amount of up to $180,000 to Scilex (the “Extension Scilex Convertible Promissory Note”). The Extension
Scilex Convertible Promissory Note was issued with an initial principal balance of $15,064, with the remaining $164,936 drawable at the
Company’s request and upon the consent of Scilex prior to the maturity of the Extension Scilex Convertible Promissory Note. The
Extension Scilex Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company.

F-9

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As
of December 31, 2024, Scilex deposited aggregated total of $75,292 drawn down from the Extension Scilex Convertible Promissory Note to
the Trust Account to extend the time the Company has to consummate an initial business combination to January 11, 2025.

On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex had
deposited an aggregate of $45,191 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the
time the Company has to consummate an initial business combination from January 11, 2025 to April 11, 2025. 

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses
or assets with a