Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 775

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 775
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 |                                   |    (96,242 | ) |     |                                   |    (36,909 | ) |
| Interest earned on investment held in Trust Account               |     |                                   |  1,578,042 |   |     |                                   |  3,843,271 |   |
| Net (loss) income                                                 |     | $                                 |   (167,306 | ) |     | $                                 |    632,536 |   |

The key measures of segment profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within formation and operating costs, the CODM specifically reviews professional service fee in connection with the business combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available to complete a business combination within the required period.

NOTE 10 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through April 1, 2025 when these consolidated financial statements were issued and determined that there were no significant unrecognized events through that date other than those noted below. On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex had deposited an aggregate of $ 45,191drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the time the Company has to consummate an initial business combination from January 11, 2025 to April 11, 2025. On January 24, 2025, the Company and Sponsor agreed that, in addition to the Initial Principal Amount under the Convertible Promissory Note 1, the Company may request an additional aggregate amount of up to $ 591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the total limit up to $ 2,000,000. On March 27, 2025, the Company filed a definitive proxy to hold an extraordinary general meeting of shareholders to consider