Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1603

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9C
Chunk 1603
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 to further extend the
time to consummate a business combination, as applicable), and (C) waive their rights to liquidating distributions from the Trust
Account with respect to their founder shares if the Company fails to complete its initial Business Combination by April 11, 2025 (or
as may be extended by a shareholder vote to further extend the time to consummate a business combination, as applicable), although
they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company
fails to complete its initial Business Combination within the prescribed time frame, (iv) the founder shares will automatically
convert into Public Shares concurrently with or immediately following the consummation of the Company’s initial Business
Combination, or earlier at the option of the holder thereof, and (v) the founder shares are entitled to registration rights. If the
Company submits its initial Business Combination to its Public Shareholders for a vote, the Sponsor and each member of the
Company’s management team have agreed to vote their Founder Shares and Public Shares in favor of the Company’s initial
Business Combination. During an extraordinary general meeting held on October 11, 2023, a proposal was approved that Class A
ordinary shares will be issued to holders of Class B ordinary shares upon the exercise of the right of a holder of the
Company’s Class B ordinary shares, par value $0.0001 per share, to convert such holder’s Class B ordinary shares
into Class A ordinary shares on a one-for-one basis at any time and from time to time prior to the closing of an initial business
combination at the election of the holder (the “Founder Share Amendment”). No such conversions have been made as of the
date of this filing. Further, the Class B ordinary shares that convert into Class A ordinary shares do not possess redemption
rights.

The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s
registered public accounting firm) for services rendered or products sold to the Company, or by a prospective target business with which
the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser
of (i) $10.20 per Public Share or (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation
of the Trust Account if less than $10.20 per Public Share due