Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 411

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 411
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 (ii) the date of the liquidation of the Company.

F-9

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As
of December 31, 2024, Scilex deposited aggregated total of $75,292 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 to January 11, 2025.

On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex had
deposited an aggregate of $45,191 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 January 11, 2025 to April 11, 2025. 

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses
or assets with a fair market value equal to at least 80% of the value of the assets held in the Trust Account (excluding any deferred
underwriters’ fees and taxes payable on the interest income earned on the Trust Account). The Company will only complete a Business
Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities
of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as
an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a
Business Combination.

Business
Combination

The
Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem
all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination
or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to
redeem their Public Shares for a per-share price