Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 38

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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2027. Early adoption and retrospective application is permitted.
The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its unaudited
condensed consolidated financial statements.

Management does not believe that
any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s
unaudited condensed consolidated financial statements.

NOTE
3 – INITIAL PUBLIC OFFERING

On April 11, 2022, the Company consummated the
IPO of 8,250,000 Public Units, inclusive of 750,000 Public Units issued pursuant to the underwriters’ partial
exercise of their over-allotment option. The Public Units were sold at a purchase price of $10.00 per Public Unit, generating gross
proceeds of $82,500,000. Each Public Unit consists of one Public Share and one Public Warrant. Each Public Warrant entitles the holder
thereof to purchase one Public Share at a price of $11.50 per share.

The warrants will become exercisable on the later
of 30 days after the completion of the Company’s initial Business Combination or 12 months from the closing
of the IPO and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption
or liquidation (see Note 7).

20

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

NOTE
4 – PRIVATE PLACEMENT

Simultaneously with the closing of the IPO, the
Company consummated a private placement and the Sponsor purchased an aggregate of 510,000 Private Placement Units (including 30,000 Private
Placement Units pursuant to the underwriters’ partial exercise of the over-allotment option) at a price of $10.00 per Private
Placement Unit, generating gross proceeds to the Company of $5,100,000. Each whole Private Placement Unit consists of one Class
A ordinary share (“Private Placement Shares”) and one warrant (“Private Placement Warrants”). Each Private
Placement Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment. Certain of the proceeds from the sale of the Private Placement Units were added to the net proceeds from the IPO held in the
Trust Account.

If the Company does