Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 851

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 851
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11, 2024 by electing to extend the date to consummate an initial business combination on a monthly basis for up to nine
times by an additional one month each time (the “Extension”). The Sponsor (or its affiliates or permitted designees) will
deposit into the Trust Account for each such one-month extension the lesser of (a) an aggregate of $50,000 or (b) $0.03 per
public share that remains outstanding and is not redeemed prior to any such one-month extension, unless the closing of the Company’s
initial business combination has occurred, and hence, an aggregate of $150,000 has been deposited into the Company’s Trust
Account through December 31, 2023 in order to extend the period of time it has to consummate a business combination by an additional
three months, from the then current deadline of October 11, 2023 to January 11, 2024. Until June 2024, there has been further deposit
of an aggregate of $300,000 into the Trust Account for extension from January 11, 2024 to July 11, 2024. However, on June 4, 2024,
to mitigate the risk of being deemed to have been operating as an unregistered investment company under the Investment Company Act, the
Company instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the U.S. government
securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash in an interest-bearing
bank deposit account until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the funds in
the Trust Account to the Company’s shareholders, as described below. Interest on bank deposit accounts is variable and such accounts
currently yield interest of approximately 3.5% per annum.

F-8

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

During
the shareholder’s meeting held on October 11, 2023, shareholders holding 3,712,171 public shares (after giving effect
to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s
Trust Account. As a result, approximately $40.5 million (approximately $10.92 per share) was removed from the Trust Account
to pay such holders. Following redem