Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 707

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 707
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 an amount
of $1,408,200 outstanding under Working Capital Loans in the form of the Convertible Promissory Note issued to the sponsor. Further, an
amount of $74,555 with interest at 4.86% on the amount borrowed from the sponsor was recognized as accrued interest expense – related
party as of December 31, 2024. On April 2, 2024, the Company and the sponsor agreed that, in addition to the Initial Principal Amount,
the Company may request an additional aggregate amount of up to $186,800, which may be drawn down in one or more tranches at any time
prior to the maturity date raising the total limit up to $1,200,000. For the year ended December 31, 2024, the Company has drawn down
a total of $208,200 of the additional aggregate amount available, exceeding the total principal amount permitted under the Convertible
Promissory Note. To remediate this overdrawn balance, on January 24, 2025, we amended and restated the Convertible Promissory Note to
increase the total principal amount to $2,000,000.  

18

On
July 10, 2024, the Company issued a promissory note (the “Sponsor Extension Convertible Promissory Note”) in the total principal
amount of up to $180,000 to the sponsor. The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance
of $15,037, with the remaining $164,963 drawable at the Company’s request and upon the consent of the sponsor prior to the maturity
of the Sponsor Extension Convertible Promissory Note. 

On
July 11, 2023, the Company issued a convertible promissory note in the total principal amount of $825,000 to FutureTech Capital LLC,
a Delaware limited liability company (“FutureTech”) (the “FutureTech Convertible Promissory Note”), and 100%
of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business combination.
On October 11, 2023, the Company issued another convertible promissory note in the total principal amount of up to $450,000 to
FutureTech (the “Second FutureTech Convertible Promissory Note”). The Second FutureTech Convertible Promissory Note was issued
with an initial principal balance of $