Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 45

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 the initial Business Combination, it will use commercially reasonable
efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and
it will use commercially reasonable efforts to cause the same to become effective within 60 business days following the initial Business
Combination and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. Notwithstanding
the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange
such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may,
at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect
a registration statement, but the Company will be required to use commercially reasonable efforts to register or qualify the shares under
applicable blue sky laws to the extent an exemption is not available.

Redemption
of Warrants

Once the
warrants become exercisable, the Company may redeem the outstanding warrants:

    ●
    in whole and not in part;

    ● at a price of $0.01 per warrant; 

    ● upon a minimum of 30 days’ prior written notice of redemption, which is referred to as the 30-day redemption period; and 

    ● if, and only if, the last reported sale price of ordinary shares equals or exceeds $16.50 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 

The Company will not redeem the warrants unless
a registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the warrants is effective and
a current prospectus relating to those ordinary shares is available throughout the 30-day redemption period, except if the warrants may
be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants
become redeemable by the Company, the Company may exercise its