Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 86

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 86
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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.

As of December 31, 2024, there was an amount of
$1,408,200 and $15,037 outstanding under Working Capital Loans in the form of the Convertible Promissory Note 1 and 2, respectively,
issued to the Sponsor.

As of December 31, 2024, the outstanding amount under the Working Capital
Loans in the form of the Convertible Promissory Note 1 issued to the Sponsor had exceeded the limit of $1,200,000, reaching $1,408,200,
resulting in an overdrawn position. To remediate this overdrawn balance, on January 24, 2025, the Company issued a third amended and restated
promissory note (the “Third Restated Note”) to amend and restate Convertible Promissory Note 1, increasing the total principal
amount to $2,000,000. 

On
July 11, 2023, the Company issued a convertible note (“FutureTech Convertible Promissory Note”) in the total principal amount
of $825,000 to FutureTech Capital LLC (“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 another convertible
promissory note in the total principal amount of up to $450,000 to FutureTech. The 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 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 Convertible Promissory Note issued
to FutureTech. Further, the amount of $58,586 with interest at 4.80% on amount borrowed from Futuretech for the