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

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 10
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, financial projections and determining
the appropriate return expectations given the risk profile of the target business as well as the suitability of the target to become
a public company.

Members
of our management team and board of directors, directly or indirectly, own founder shares and/or Private Placement Units and, accordingly,
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. In particular, because the founder shares were purchased at approximately $0.012 per share, the holders
of our founder shares (including our management team that directly or indirectly own founder shares) could make a substantial profit
after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease in the
post-combination value of their ordinary shares (after accounting for any adjustments in connection with an exchange or other transaction
contemplated by the business combination). Further, such officers and directors may have a conflict of interest with respect to evaluating
a particular business combination if the retention or resignation of any such officers and directors was included by a target business
as a condition to any agreement with respect to our initial business combination.

Redemption
Rights for Public Shareholders upon Completion of Our Initial Business Combination

We
will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on
the funds held in the Trust Account and not previously released to us to pay our franchise and income taxes, if any, divided by the number
of then-issued and outstanding public shares, subject to the limitations described herein. The amount in the Trust Account was $12.00
per public share as of December 31, 2024. The per share amount we will distribute to investors who properly redeem their shares will
not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement
that a beneficial owner must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion
of our initial business combination with respect to our warrants. Further, we will not proceed with redeeming our public shares, even
if a public shareholder has properly elected to redeem its shares, if a business