Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 75

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 75
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 (so that it does not then become subject to the “penny stock” rules of the Securities
and Exchange Commission (the “SEC”)) either prior to or upon consummation of an initial Business Combination. However, a
greater net tangible asset or cash requirement may be contained in the agreement relating to the Business Combination. In shareholders’
meeting held on October 11, 2023, it was resolved to eliminate this limitation that the Company may not redeem Public Shares in an amount
that would cause the Company’s net tangible assets to be less than $5,000,001 (the “Redemption Limitation Amendment”).
If the Company is unable to complete the initial Business Combination within the Combination Period, including Extension (refer to Note
9), the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to
the Company to pay the Company’s franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then-issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and
its board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to the Company’s warrants, which will expire worthless if the Company fails to complete the Business Combination within
the Combination Period.

F-10

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

The
founder shares are designated as Class B ordinary shares (the “founder shares”) and, except as described below, are
identical to the Public Shares, and holders of founder shares have the same shareholder rights as Public Shareholders, except that
(i) prior to the Company’s initial Business Combination, only holders of the founder shares have the right to vote on the