Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1857

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 12
Chunk 1857
---

Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As of December 31, 2024, the Company had a working
deficit of $7,530,216. In order to fund working capital deficiencies or 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,
loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination,
it will repay such loaned amounts 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. The units would
be identical to the Private Placement Units. In the event that the initial Business Combination does not close, the Company may use a
portion of the working capital held outside of the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account
would be used for such repayment. On April 11, 2023, the Company issued the Convertible Promissory Note (“Convertible Promissory
Note 1”) in the total principal amount of up to $825,000 to the Sponsor. The Convertible Promissory Note 1 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 earlier of (i) the closing of Denali’s initial business combination and (ii) the date of
the liquidation of the Company (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 1 was issued with an initial principal
balance of $412,500 (the “Initial Principal Amount”). The Sponsor has further lent loans in the aggregate amount of $430,000 on
July 18, 2023, October 12, 2023 and December 29, 2023. The Sponsor further lent an aggregate of $565,700 to the Company for the Convertible
Promissory Note 1 during the year ended December 31, 2024. On April 2, 2024 the Company and Sponsor agreed that