Company: SMNR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001013762-25-003461
Chunk: 63

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 63
---
 Each Private Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The Private Placement Units will not be transferable, assignable, or saleable until 30 days after the completion by the Company of an initial business combination. Original Sponsor Letter Agreement On April 6, 2022, we entered into the Sponsor Letter Agreement with the Sponsor, pursuant to which, among other things, the Sponsor agreed to vote all Class B ordinary shares held by it to approve a proposed business combination (including any proposals recommended by our Board in connection with such business combination) and not to redeem any of our shares held by them in connection with such shareholder approval in order to induce the Company and the underwriters in our initial public offering to enter into an underwriting agreement and to proceed with our initial public offering. Related Party Loans On February 3, 2022, we issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Sponsor has agreed to loan the Company up to $400,000 to be used for a portion of the expenses of the IPO. As of April 11, 2022, there was $80,000 outstanding under the Promissory Note. This loan is non -interestbearing and unsecured. On April 12, 2022, the loan has been repaid upon the closing of the IPO out of the offering proceeds not held in the trust account. On April 11, 2023, we issued a convertible promissory note (the “Convertible Promissory Note”) in the total principal amount of up to $825,000 to the Sponsor. The Convertible Promissory Note was issued with an initial principal balance of $412,500, with the remaining $412,500 drawable at our request prior to the maturity of the Convertible Promissory Note. On April 2, 2024, we and the Sponsor amended the Convertible Promissory Note to raise the total borrowing limit to $1,200,000. On January 24, 2025, we and the Sponsor amended the Convertible Promissory Note to raise the total borrowing limit to $2,000,000. The Convertible Promissory Note bears an interest equivalent to the lowest short -termApplicable Federal Rate, and matures upon the earlier of (i) the closing of the Company’s initial business combination and (ii) the date of the liquidation