Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 2097

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 15
Chunk 2097
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 as may be determined from time to time by the Company’s board
of directors. As of December 31, 2024 and December 31, 2023, there were no preference shares issued and outstanding.

Class
A Ordinary Shares – The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value
of $0.0001 per share. As of December 31, 2024 and December 31, 2023, there were 510,000 Class A ordinary shares issued
and outstanding, excluding 751,837 and 4,537,829 Class
A ordinary shares subject to possible redemption, respectively.

Class
B Ordinary Shares – The Company is authorized to issue 20,000,000 Class B ordinary shares with
a par value of $0.0001 per share. As of December 31, 2024 and December 31, 2023, there were 2,062,500 Class B ordinary
shares issued and outstanding. On May 23, 2022, 93,750 Class B ordinary shares were forfeited as the underwriters did not exercise
the over-allotment option on the remaining 375,000 Public Units. 

Prior
to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the appointment
of directors and holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for
any reason. In addition, in a vote to continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval
of at least two-thirds of the votes of all ordinary shares voted at a general meeting), holders of founder shares will have ten votes
for every founder share and holders of Class A ordinary shares will have one vote for every Class A ordinary share and, as a result,
the Company’s initial shareholders will be able to approve any such proposal without the vote of any other shareholder.

F-25

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

The
Class B ordinary shares will automatically convert into Class A ordinary shares on the consummation of the initial Business Combination
at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, approximately 20% of the sum of