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

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 2025, the Company held an extraordinary
general meeting (the “Third Extension Meeting”), whereby the Company’s shareholders approved amendments to the amended
and restated memorandum and articles of association of the Company to, among other things, extend the date by which the Company must either
(i) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the
Company and one or more businesses or entities or (ii) cease its operations, except for the purpose of winding up, if it fails to complete
such initial business combination and redeem 100% of the Denali Ordinary Shares, included as part of the Public Units sold in the IPO
from April 11, 2025 to December 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis
for up to eight (8) 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 or a third party) will deposit into the Trust Account for each such one-month extension $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.

6

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

In connection with the Third Extension Meeting, shareholders holding
708,098 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result,
approximately $8.6 million (approximately $12.17 per share) was removed from the Trust Account to pay such holders. Following redemptions,
the Company had 43,739 public shares outstanding.

From April 2025 to June 2025, Scilex had deposited
an aggregate of $2,624 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the time the Company
has to consummate an initial business combination from April 11, 2025 to July 11, 2025. As of June 30, 2025, Scilex deposited aggregated
total of $123,107 drawn down from the Extension Sc