Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 12

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 more detail below, (iii) the Company’s
initial shareholders have entered into an agreement with the Company, pursuant to which they have agreed to (A) waive their redemption
rights with respect to their founder shares and Public Shares in connection with the completion of the Company’s initial Business
Combination, (B) waive their redemption rights with respect to their founder shares and Public Shares in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated memorandum and articles of association that would affect the
substance or timing of the Company’s obligation to provide for the redemption of the Company’s Public Shares in connection
with an initial Business Combination or to redeem 100% of the Company’s Public Shares if the Company has not consummated an
initial Business Combination by April 11, 2025 (or as may be extended by a shareholder vote to further extend the time to consummate a
business combination, as applicable), and (C) waive their rights to liquidating distributions from the Trust Account with respect to their
founder shares if the Company fails to complete its initial Business Combination by April 11, 2025 (or as may be extended by a shareholder
vote to further extend the time to consummate a business combination, as applicable), although they will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination within
the prescribed time frame, (iv) the founder shares will automatically convert into Public Shares concurrently with or immediately following
the consummation of the Company’s initial Business Combination, or earlier at the option of the holder thereof, and (v) the founder
shares are entitled to registration rights. If the Company submits its initial Business Combination to its Public Shareholders for a vote,
the Sponsor and each member of the Company’s management team have agreed to vote their Founder Shares and Public Shares in favor
of the Company’s initial Business Combination. During an extraordinary general meeting held on October 11, 2023, a proposal was
approved that Class A ordinary shares will be issued to holders of Class B ordinary shares upon the exercise of the right of a holder
of the Company’s Class B ordinary shares, par value $0.0001 per share, to convert such holder’s Class B ordinary shares
into Class A ordinary shares on a one-for-one basis at any time and from time to time prior to the closing of an initial business combination
at the election of the holder