Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 9

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 business combination involving the
Company and one or more businesses or entities or (ii) cease its operations, except for the purpose of winding up, if it fails to complete
such initial business combination and redeem 100% of the Denali Ordinary Shares, included as part of the Public Units sold in the IPO
from April 11, 2025 to December 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis
for up to eight (8) 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 or a third party) will deposit into the Trust Account for each such one-month extension $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 Third Extension Meeting, shareholders holding
708,098 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result,
approximately $8.6 million (approximately $12.17 per share) was removed from the Trust Account to pay such holders. Following redemptions,
the Company had 43,739 public shares outstanding.

6

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

As of March 31, 2025, Scilex deposited aggregated
total of $120,482 drawn 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 to April 11, 2025. 

On April 11, 2025 and May 9, 2025, Scilex had
deposited an aggregate of $1,750 drawn 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 April 11, 2025 to June 11, 2025.

The Company’s management has broad discretion
with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although