Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 595

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 595
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 party of $842,500. 

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. 

17

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, and available for working
capital purposes. In connection with the IPO, we incurred $5,105,315 in transaction costs, consisting of $1,650,000 of underwriting fees,
$2,887,500 of deferred underwriting fees and $567,815 of other offering costs. As of December 31, 2024, we had investment held in the
Trust Account of $9,021,005. We intend to use substantially all of the remaining funds held in the Trust Account, including any amounts
representing interest earned on the Trust Account (less income taxes payable), to complete our business combination. To the extent that
our share capital or debt is used, in whole or in part, as consideration to complete a business combination