Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 371

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 371
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 an additional three months, from the then current deadline of July 11,2023 to October 11, 2023.

Cash
Flows from Financing Activities 

For the year ended December
31, 2024, net cash provided by financing activities was $42,859,628 primarily due to proceeds from issuance of promissory note to related
party of $565,700, and redemption payments of $43,425,328 in connection with redemption of 3,785,992 shares of our ordinary shares by
our public shareholders. 

For the year ended December 31, 2023, net cash used in financing activities
was $39,694,407 primarily due to redemption of ordinary shares amounting to $40,536,908 partially offset by proceeds from issuance of
promissory note to related party of $842,500. 

Liquidity
and Capital Resources 

Our
liquidity needs prior to the consummation of the IPO were satisfied through a payment from the sponsor and the loan under an unsecured
promissory note from the sponsor of up to $400,000 (the “Promissory Note”), which was repaid after the IPO. 

On
April 11, 2022, we consummated the IPO of 8,250,000 Units, inclusive of 750,000 Units issued pursuant to the partial exercise by the
underwriters of their over-allotment option. The Units were sold at a price of $10.00 per Unit, generating gross proceeds of $82,500,000.
Simultaneously with the closing of the IPO, we consummated the sale of 510,000 Private Placement Units, inclusive of 30,000 Private Placement
Units sold to the sponsor pursuant to the underwriters’ partial exercise of their over-allotment option. Each whole Private Placement
Unit consists of one Class A ordinary share and one warrant, each whole warrant entitling the holder thereof to purchase one Class A
ordinary share at an exercise price of $11.50 per share. The Private Placement Units were sold at a price of $10.00 per Private Placement
Unit, generating gross proceeds of $5,100,000. 

17

Following
the closing of the IPO and sale of the Private Placement Units on April 11, 2022, a total of $84,150,000 was placed in the Trust Account,
and we had $1,515,795