Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1246

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 8
Chunk 1246
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issory note and other 50% amount was transferred directly
from the remaining cash on hand balance at that time, in order to extend the period of time it has to consummate a business combination
by an additional three months, from then current deadline of April 11, 2023 to July 11, 2023. On July 13, 2023, the Company issued
a press release announcing that an aggregate of $825,000 has been deposited into the Company’s Trust Account in order to extend
the period of time it has to consummate a business combination by an additional three months, from the then current deadline of July 11,
2023 to October 11, 2023. Furthermore, subsequently, on October 11, 2023, the Company issued another press release announcing that the
Company’s shareholders extended the date by which the Company must consummate an initial business combination from October 11,
2023 to July 11, 2024 by electing to extend the date to consummate an initial business combination on a monthly basis for up to nine
times by an additional one month each time (the “Extension”). 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 $50,000 or (b) $0.03 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, and hence, an aggregate of $150,000 has been deposited into the Company’s Trust
Account through December 31, 2023 in order to extend the period of time it has to consummate a business combination by an additional
three months, from the then current deadline of October 11, 2023 to January 11, 2024. Until June 2024, there has been further deposit
of an aggregate of $300,000 into the Trust Account for extension from January 11, 2024 to July 11, 2024. However, on June 4, 2024,
to mitigate the risk of being deemed to have been operating as an unregistered investment company under the Investment Company Act, the
Company instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the U.S. government
securities or money market funds held in the Trust Account and thereafter