Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 697

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 697
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 initial business combination on a monthly basis for up to nine (9) times by an additional one month each time, unless
the closing of the Company’s 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.  

14

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