Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 165

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 165
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 amount of
such compensation will be known at the time of the Business Combination, because the directors of the post-combination business will
be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will
be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent
directors or by a majority of the independent directors on our board of directors.

We
do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation
of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment
or consulting arrangements to remain with us after our initial business combination. We do not believe that the ability of our management
to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed
with the Business Combination. We are not party to any agreements with our executive officers and directors that provide for benefits
upon termination of employment.

Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth
information regarding the beneficial ownership of our ordinary shares as of April 1, 2025, based on information obtained from the persons
named below, with respect to the beneficial ownership of our ordinary shares, by:

●each
person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares;

●each
of our executive officers and directors; and

●all
of our executive officers and directors as a group.

28

Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary
shares beneficially owned by them. The following table does not reflect record or beneficial ownership of the Private Placement Warrants
as these warrants are not exercisable within 60 days of the date of this report.

    Class B ordinary shares  
    Class A ordinary shares 
  
    Name of Beneficial Owners 
    Number of Shares Beneficially Owned  
    Approximate Percentage of Class  
    Number of Shares Beneficially Owned  
    Approximate Percentage of Class 
  
    Denali Capital Global Investments LLC (our sponsor) 
     1,432,500  
     69.5% 
     510,000​(1) 
     40.4%
  
    Lei Huang