Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 45

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 to possible redemption, respectively.

Class
B Ordinary Shares – The Company is authorized to issue 20,000,000 Class B ordinary shares with
a par value of $0.0001 per share. As of June 30, 2025 and December 31, 2024, there were 2,062,500 Class B ordinary shares
issued and outstanding. On May 23, 2022, 93,750 Class B ordinary shares were forfeited as the underwriters did not exercise
the over-allotment option on the remaining 375,000 Public Units.

23

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

Prior to the Company’s initial Business
Combination, only holders of Class B ordinary shares will have the right to vote on the appointment of directors and holders of a majority
of the Company’s Class B ordinary shares may remove a member of the board of directors for any reason. In addition, in a vote to
continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval of at least two-thirds of the votes of
all ordinary shares voted at a general meeting), holders of founder shares will have ten votes for every founder share and holders of
Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, the Company’s initial shareholders
will be able to approve any such proposal without the vote of any other shareholder.

The Class B ordinary shares will automatically
convert into Class A ordinary shares on the consummation of the initial Business Combination at a ratio such that the number of Class
A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately 20%
of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued
or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (after giving
effect to any redemptions of Class A ordinary shares by Public Shareholders), excluding any Class A ordinary shares or equity-linked securities
exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business
Combination and any Private Placement Units issued