Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 86

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 86
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initial business combination has occurred, without the need for any further approval of the Company’s shareholders, provided that
the sponsor (or its affiliates or permitted designees) will deposit into the Trust Account for each such one-month extension the lesser
of (a) an aggregate of $20,000 or (b) $0.02 per public share that remains outstanding and is not redeemed prior to any such one-month
extension, unless the closing of the Company’s initial business combination has occurred, in exchange for a non-interest bearing
promissory note payable upon consummation of an initial business combination. 

In connection with the Shareholder
Meeting, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds
in the Company’s Trust Account. As a result, approximately $43.4 million (approximately $11.47 per share) was removed from the Trust
Account to pay such holders. Following redemptions, the Company had 751,837 public shares outstanding. 

On July 10, 2024, the Company
issued a convertible promissory note in the total principal amount of up to $180,000 to the sponsor (the “Sponsor Extension Convertible
Promissory Note”). The Sponsor Extension Convertible Promissory Note 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 Sponsor
Extension Convertible Promissory Note. The Sponsor Extension Convertible Promissory Note matures upon the earlier of (i) the effective
date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.  

On August 30, 2024, the Company
entered into an agreement and plan of merger (the “Merger Agreement”) with Semnur and Denali Merger Sub Inc., a Delaware corporation
and wholly owned subsidiary of the Company (“Merger Sub”). 

Subject to the terms and conditions
set forth in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s equityholders will be
an amount equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in shares of common stock of New Semnur
(the “New