Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 51

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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319) 
     (44,362)
  
    Interest earned on investment held in Trust Account 
     18,080  
     640,157  
     97,051  
     1,294,042 
  
    Net (loss) income 
    $(385,122) 
    $448,912  
    $(579,725) 
    $713,242 

The key measures of segment
profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM
reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy
of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within formation and operating costs,
the CODM specifically reviews professional service fee in connection with the business combination, which are a significant segment expense,
and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business
Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed
in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available
to complete a business combination within the required period.

NOTE
10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through
August 15, 2025 when these consolidated financial statements were issued and determined that there were no significant unrecognized
events through that date other than those noted below.

From July to August 2025, the Company had deposited
an aggregate total of $1,750 into the Trust Account in order to extend the period of time it has to consummate a business combination
by one month, from the current deadline to September 11, 2025.

On July 22, 2025, the Company entered into
Amendment No. 2 to the Merger Agreement with Semnur and Merger Sub (“Amendment No. 2”). Amendment No. 2 amends
the Merger Agreement to, among other things, modify the definitions of the “Exchange Ratio” and “Merger Consideration”
to facilitate the issuance of additional shares of common stock of Semnur prior to the closing of the Business Combination in connection
with any potential private placement financing or for issuance to advisors and other service providers for services rendered and maintain
the 1.25-to-1 exchange ratio.

27

Item 2.