Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 664

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 664
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 addition to the Initial Principal Amount, the Company may request an additional aggregate amount of up to
$591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the total limit up to $2,000,000.
The Sponsor further lent an aggregate of $565,700 to the Company against the Convertible Promissory Note during the year ended December
31, 2024. As of December 31, 2024, there was an amount of $1,408,200 outstanding under Working Capital Loans in the form of the Convertible
Promissory Note issued to Sponsor. Further, an amount of $74,555 with interest at 4.86% on the amount borrowed from the Sponsor
was recognized as accrued interest expense – related party as of December 31, 2024.

On
July 10, 2024, the Company issued Convertible Promissory Note 2 in the total principal amount of up to $180,000 to Sponsor. The Convertible
Promissory Note 2 was issued with an initial principal balance of $15,037, with the remaining $164,963 drawable at the Company’s
request and upon the consent of the Sponsor prior to the maturity of the Convertible Promissory Note 2. 

F-24

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

NOTE
6 – COMMITMENTS AND CONTINGENCIES

Registration
Rights

The
holders of the founder shares, Private Placement Shares and Private Placement Warrants, including any of those issued upon conversion
of the Working Capital Loans (and any Private Placement Shares issuable upon the exercise of the Private Placement Warrants
that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration
and shareholder rights agreement signed on April 6, 2022. The holders of these securities are entitled to make up to three demands, excluding
short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration
rights with respect to registration statements filed after the completion of the initial Business Combination and rights to require the
Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs and expenses
of filing any such registration statements.

The
Merger Agreement contemplates that, at or prior to the