Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 8

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 bearing promissory note payable upon consummation of an initial business
combination.

In connection with the extraordinary general meeting
on July 10, 2024, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the
funds in the Company’s Trust Account. As a result, approximately $43.4 million (approximately $11.47 per share) was removed from
the Trust Account to pay such holders. Following redemptions, the Company had 751,837 public shares outstanding.

On July
10, 2024, Company issued a convertible promissory note (the “Convertible Promissory Note 2”) in the total principal amount
of up to $180,000 to Sponsor. The Convertible Promissory Note 2 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.

On April 11, 2025, the Company held an extraordinary
general meeting (the “Third Extension Meeting”), whereby the Company’s shareholders approved amendments to the amended
and restated memorandum and articles of association of the Company to, among other things, extend the date by which the Company must either
(i) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar