Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 169

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 169
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 of the Purchased Interests is as follows: (i) the Cash Consideration and (ii) 300,000
Scilex Shares. Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash Consideration and has agreed to issue the Scilex
Shares to the sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically,
on a one-for-one basis, into one share of New Semnur Common Stock at the effective time of the Domestication (as defined in the Merger
Agreement) pursuant to the terms of the Merger Agreement.

30

Our
sponsor has purchased an aggregate of 510,000 Private Placement Units (with each Private Placement Unit consisting of one Private Placement
Share and one Private Placement Warrant) at the price of $10.00 per unit. Each Private Placement Warrant entitles the holder to purchase
one ordinary share at $11.50 per share, subject to adjustment. The Private Placement Warrants (including the Class A ordinary shares
issuable upon exercise of the Private Placement Warrants) may not, subject to certain limited exceptions, be transferred, assigned or
sold until 30 days after the completion of our initial business combination. In addition, we have agreed not to enter into a definitive
agreement regarding an initial business combination without the prior consent of our sponsor.

If
any of our founders, officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
he, she or it has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman Islands law,
he, she or it will need to honor such fiduciary or contractual obligations to present such business combination opportunity to such entity,
before we can pursue such opportunity.

No
compensation of any kind, including finder’s and consulting fees, will be paid by us to our sponsor, executive officers and directors,
or any of their respective affiliates, for services rendered prior to or in connection with the completion of an initial business combination.
However, these individuals will be reimbursed for any out-of-pocket expenses related to identifying, investigating, negotiating and completing
an initial business combination. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor,
officers, directors or our or their affiliates.

In addition, in order to fund working capital deficiencies or finance
transaction costs in connection with an intended initial business combination, our sponsor or