Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 623

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 623
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 adoption of ASU 2023-07 discussed in Notes 2 and 9 to the financial statements,
present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations
and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States
of America.

We were not engaged to audit, review, or apply
any procedures to the retrospective adjustments to the disclosures for the adoption of ASU 2023-07 discussed in Notes 2 and 9 to the financial
statements, and accordingly, we do not express an opinion or any form of assurance about whether such adjustments are appropriate and
have been properly applied. Those adjustments were audited by Marcum Asia CPAs LLP.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements, the
Company is a Special Purpose Acquisition Corporation that was formed for the purpose of completing a merger on or before April 11, 2024
(or July 11, 2024, if certain conditions are met). The Company entered into a definitive merger agreement with a business combination
target on January 25, 2023, and the shareholders approved the merger on January 9, 2024. There is no assurance that the Company will satisfy
the required closing conditions, raise the additional capital it needs to fund its operations, and complete the transaction prior to April
11, 2024 (or July 11, 2024, if certain conditions are met), if at all. The Company also has no approved plan in place to extend the business
combination deadline and fund operations for any period of time after April 11, 2024 (or July 11, 2024, if certain conditions are met),
in the event that it is unable to complete a business combination by that date. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We
are a public accounting firm