Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 775

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 775
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, will govern the registration of certain New Semnur Common Shares for resale and be effective as of the Closing.

Underwriting
Agreement

The
underwriters received a cash underwriting discount of $0.20 per Public Unit, or $1,650,000 in the aggregate, paid upon the
closing of the IPO. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Public Unit, or $2,887,500 in
the aggregate, which is included in the accompanying consolidated balance sheets. The deferred fee will become payable to the underwriters
from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms
of the underwriting agreement. On November 20, 2023, the Company’s Underwriters entered into an Underwriter Letter Agreement, pursuant
to which the Company’s Underwriters have agreed to receive 30%, or $866,250, of the aggregate $2,887,500 deferred underwriting
commission owed to them upon the closing of the Company’s initial business combination in the form of 86,625 shares of
shares of common stock of the combined company. Under the terms of the Underwriter Letter Agreement, the shares of common stock of the
combined company will be issued at the Closing and the remaining aggregate $2,021,250 of deferred underwriting compensation owed
will remain payable at the Closing in cash under the original terms of the underwriting agreement.

NOTE
7 – SHAREHOLDER’S DEFICIT

Preference
shares – The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per
share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board
of directors. As of December 31, 2024 and December 31, 2023, there were no preference shares issued and outstanding.

Class
A Ordinary Shares – The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value
of $0.0001 per share. As of December 31, 2024 and December 31, 2023, there were 510,000 Class A ordinary shares issued
and outstanding, excluding 751,837 and 4,537,829 Class
A ordinary shares subject