Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 100

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government
treasury obligations. However, on June 4, 2024, to mitigate the risk of being deemed to have been operating as an unregistered investment
company under the Investment Company Act, the Company instructed Wilmington Trust, National Association, the trustee with respect to the
Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all
funds in the Trust Account in cash in an interest-bearing bank deposit account. Interest on bank deposit accounts is variable and such
accounts currently yield interest of approximately 3.5% per annum. Due to the short-term nature of these investments, we believe there
will be no associated material exposure to interest rate risk.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls
and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure
controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15(b) and 15d-15 under
the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures as of March 31, 2025. Based upon their evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act) were effective.

Changes in Internal Control over Financial
Reporting

During the quarter ended March 31, 2025, there
has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.

37

Part
II. OTHER INFORMATION

Item
1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

As of the date of this Quarterly Report, there
have been no material