Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 46

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 to the Sponsor, its affiliates or any member of the Company’s management team
upon conversion of the Working Capital Loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory
redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the
Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. During a shareholders’ extraordinary
general meeting held on October 11, 2023, a proposal was approved that Class A ordinary shares will be issued to holders of Class B ordinary
shares upon the exercise of the right of a holder of the Company’s Class B ordinary shares, par value $0.0001 per share, to
convert such holder’s Class B ordinary shares into Class A ordinary shares on a one-for-one basis at any time and from time to time
prior to the closing of an initial business combination at the election of the holder (the “Founder Share Amendment”). 

Warrants

All warrants
(Public Warrants and Private Warrants) will become exercisable at $11.50 per share, subject to adjustment, on the later of 30 days
after the completion of the initial Business Combination or 12 months from the closing of the IPO; provided in each case that the Company
has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise
of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a
cashless basis under the circumstances specified in the warrant agreement). The warrants will expire at 5:00 p.m., New York City time,
five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. On the exercise of any
warrant, the warrant exercise price will be paid directly to the Company and not placed in the Trust Account.

In addition, if (x) the
Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of an initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue
price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor
or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as applicable