Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 263

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 263
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 new financing will be available to us
on commercially acceptable terms, if at all. 

In
accordance with Accounting Standards Codification (“ASC”) Subtopic 205-40, “Presentation of Financial Statements –
Going Concern”, the Company has evaluated that there are certain conditions and events, considered in the aggregate, that raise
substantial doubt about the Company’s ability to continue as a going concern through April 11, 2025 (as extended pursuant to amended
and restated memorandum and articles of association of the Company dated July 10, 2024), the date that the Company will be required to
cease all operations, except for the purpose of winding up, if a business combination is not consummated. These consolidated financial
statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that
might be necessary should the Company be unable to continue as a going concern. 

If
our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial
business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we
become obligated to redeem a significant number of our public shares upon completion of our business combination, in which case we may
issue additional securities or incur debt in connection with such business combination. 

19

Off-Balance
Sheet Arrangements 

We
have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of December 31, 2024 and 2023.
We do not participate in transactions that create relationships with entities or financial partnerships, often referred to as variable
interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered
into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other
entities, or purchased any non-financial assets. 

Other
Contractual Obligations 

Registration
Rights 

The holders of our founder
shares, Private Placement Shares and Private Placement Warrants, including any of those issued upon conversion of any Working Capital
Loans (and any Private Placement Shares issuable upon the exercise of the Private Placement Warrants that may be issued upon conversion
of any Working Capital Loans) will be entitled to registration rights