Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 325

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 325
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with the closing of the IPO, the Company consummated a private placement and the Sponsor purchased an aggregate of 510,000 Private
Placement Units (including 30,000 Private Placement Units pursuant to the underwriters’ partial exercise of the over-allotment
option) at a price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $5,100,000. Each
whole Private Placement Unit consists of one Class A ordinary share (“Private Placement Shares”) and one warrant
(“Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary
share at a price of $11.50 per share, subject to adjustment. Certain of the proceeds from the sale of the Private Placement Units
were added to the net proceeds from the IPO held in the Trust Account.

F-22

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

If
the Company does not complete a Business Combination by April 11, 2025 (or as may be extended by a shareholder vote to further extend
the time to consummate a business combination, as applicable)(refer to Note 1), the proceeds from the sale of the Private Placement Units
held in the Trust Account will be used to fund the redemption of the Company’s Class A ordinary shares (subject to the requirements
of applicable law) and the Private Placement Units and all underlying securities will expire worthless. The Private Placement Units will
not be transferable, assignable, or saleable until 30 days after the completion of an initial Business Combination, subject to certain
exceptions.

NOTE
5 – RELATED PARTY TRANSACTIONS

Founder
Shares

On
February 3, 2022, the Company issued an aggregate of 2,156,250 founder shares to the Sponsor in exchange for a
payment of $25,000 from the Sponsor for deferred offering costs. In March 2022, the Sponsor transferred 20,000 founder
shares to the Chief Financial Officer of the Company and 110,000 founder shares to certain members of the Company’s board
of directors. On May 23, 2022, 93,750 founder shares were forfeited by the Sponsor as the underwriters did not exercise their over-allotment
option on the remaining 375,000 Public Units (see Note