Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 334

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 334
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 reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants, and it will use commercially reasonable efforts to cause the same to become effective within 60 business
days following the initial Business Combination and to maintain a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so
elects, it will not be required to file or maintain in effect a registration statement, but the Company will be required to use commercially
reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

F-26

Denali
                                            Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

Redemption
of Warrants

Once
the warrants become exercisable, the Company may redeem the outstanding warrants:

    ●
    in whole and not in part;

    ● at a price of $0.01 per warrant; 

    ● upon a minimum of 30 days’ prior written notice of redemption, which is referred to as the 30-day redemption period; and 

    ● if, and only if, the last reported sale price of ordinary shares equals or exceeds $16.50 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 

The
Company will not redeem the warrants unless a registration statement under the Securities Act covering the ordinary shares issuable upon
exercise of the warrants is effective and a current prospectus relating to those ordinary shares is available throughout the 30-day redemption
period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the
Securities Act. If and when the warrants become redeemable by the