Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1512

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9B
Chunk 1512
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initial business combination; and (iii) redeem 100% of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A ordinary shares”), included as part of the units sold in the Company’s IPO from July 11, 2024 to April 11, 2025, by electing
to extend the date to consummate an initial business combination on a monthly basis for up to nine (9) times by an additional one month
each time, unless the closing of the Company’s initial business combination has occurred, without the need for any further approval
of the Company’s shareholders, provided that 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 $20,000 or (b) $0.02 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, in exchange for a non-interest bearing promissory note payable upon consummation of an initial business combination.

In
connection with the extraordinary general meeting on July 10, 2024, shareholders holding 3,785,992 public shares 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 $43.4 million
(approximately $11.47 per share) was removed from the Trust Account to pay such holders. Following redemptions, the Company had 751,837
public shares outstanding.

On July
10, 2024, Company issued a convertible promissory note (the “Convertible Promissory Note 2”) in the total principal amount
of up to $180,000 to Sponsor. The Convertible Promissory Note 2 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 Convertible Promissory
Note 2. The Convertible Promissory Note 2 matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company. 

On August 9, 2024, the Company issued a convertible promissory note
in the total principal amount of up to