Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 175

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 175
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 appropriate and have been properly applied. We were not engaged
to audit, review or apply any procedures to the 2023 financial statements of the Company other than with respect to the adjustments and,
accordingly, we do not express an opinion or any other form of assurance on the 2023 financial statements taken as a whole.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 1, to the financial statements, the
Company is a Special Purpose Acquisition Corporation that was formed for the purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses on or before April 11, 2025 (unless further
extended). There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund
its business operations and complete any business combination prior to April 11, 2025 (unless further extended), if at all. The Company
also has no approved plan in place to extend the business combination deadline beyond April 11, 2025 and lacks the capital resources needed
to fund operations and complete any business combination, even if the deadline to complete a business combination is extended to a later
date. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard
to these matters are also described in Note 1. The financial statements do not include any adjustments that might be necessary should
the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are