Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 100

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 six months ended June 30, 2025, net cash
provided by investing activities was $8,617,553 primarily due to cash withdraw from trust account in connection with redemption of ordinary
share.

32

Cash Flows from Financing Activities 

For the six months ended June 30, 2025, net cash
used in financing activities was $8,450,783 primarily due to cash paid for redemption of ordinary share amounted to $8,617,553, offset
by the proceeds from issuance of promissory note to related party of $166,770.

For the six months ended June 30, 2024, net cash
provided by financing activities was $285,700 primarily due to proceeds from issuance of promissory note to related party of $285,700. 

Liquidity and Capital Resources 

Our liquidity needs prior to the consummation
of the IPO were satisfied through a payment from the sponsor and the loan under an unsecured promissory note from the sponsor of up to
$400,000 (the “Promissory Note”), which was repaid after the IPO. 

On April 11, 2022, we consummated the IPO of 8,250,000
Units, inclusive of 750,000 Units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The Units
were sold at a price of $10.00 per Unit, generating gross proceeds of $82,500,000. Simultaneously with the closing of the IPO, we consummated
the sale of 510,000 Private Placement Units, inclusive of 30,000 Private Placement Units sold to the sponsor pursuant to the underwriters’
partial exercise of their over-allotment option. Each whole Private Placement Unit consists of one Class A ordinary share and one warrant,
each whole warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share. The Private
Placement Units were sold at a price of $10.00 per Private Placement Unit, generating gross proceeds of $5,100,000. 

Following the closing of the IPO and sale of the
Private Placement Units on April 11, 2022, a total of $84,150,000 was placed in the Trust Account, and we had $1,515,795 of cash held
outside of the Trust Account, after payment of costs related to the IPO,