Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 552

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 2
Chunk 552
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 Shares. The Company determined
that the 500,000 Class B ordinary shares were sold at premium and no expense should be recorded.

Working
Capital Loans

In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company’s officers and directors, may, but are not obligated to, provide the Company Working Capital Loans. If the Company
completes a Business Combination, it would repay the Working Capital Loans out of the proceeds of the Trust Account released to
the Company. In the event that a Business Combination does not close the Company may use a portion of proceeds held outside of the
Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used for such repayment.

The Working Capital loans would either be repaid
upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working
Capital Loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit. On April 11, 2023,
the Company issued the Convertible Promissory Note in the total principal amount of up to $825,000 to the Sponsor. The Convertible
Promissory Note bears an interest accruing on the unpaid and outstanding total principal amount at the lowest short-term Applicable Federal
Rate as in effect on the date thereof and is payable in arrears on the Maturity Date. Interest will be calculated on the basis of a 365-day
year and the actual number of days elapsed, to the extent permitted by applicable law. The Convertible Promissory Note was issued with
an initial principal balance of $412,500. The Sponsor has further lent loans in the aggregate amount of $430,000 on July 18, 2023,
October 12, 2023 and December 29, 2023. On December 29, 2023 the Company and Sponsor agreed that, in addition to the Initial Principal
Amount, the Company may request an additional aggregate amount of up to $157,500, which may be drawn down in one or more tranches at any
time prior to the Maturity Date, raising the total limit up to $1,000,000. On April 2, 2024, the Company and Sponsor agreed that, in addition
to the Initial Principal Amount, the Company may