Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1799

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 11
Chunk 1799
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,500 deferred underwriting
commission owed to them upon the closing of the Company’s initial business combination in the form of 86,625 shares of
shares of common stock of the combined company. Under the terms of the Underwriter Letter Agreement, the shares of common stock of the
combined company will be issued at the Closing and the remaining aggregate $2,021,250 of deferred underwriting compensation owed
will remain payable at the Closing in cash under the original terms of the underwriting agreement.

NOTE
7 – SHAREHOLDER’S DEFICIT

Preference
shares – The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per
share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board
of directors. As of December 31, 2024 and December 31, 2023, there were no preference shares issued and outstanding.

Class
A Ordinary Shares – The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value
of $0.0001 per share. As of December 31, 2024 and December 31, 2023, there were 510,000 Class A ordinary shares issued
and outstanding, excluding 751,837 and 4,537,829 Class
A ordinary shares subject to possible redemption, respectively.

Class
B Ordinary Shares – The Company is authorized to issue 20,000,000 Class B ordinary shares with
a par value of $0.0001 per share. As of December 31, 2024 and December 31, 2023, there were 2,062,500 Class B ordinary
shares issued and outstanding. On May 23, 2022, 93,750 Class B ordinary shares were forfeited as the underwriters did not exercise
the over-allotment option on the remaining 375,000 Public Units. 

Prior
to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the appointment
of directors and holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for
any reason. In addition, in a vote to continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval