Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 309

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 309
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 IPO had been satisfied through a payment from the Sponsor of $25,000 (see
Note 5) for the founder shares and the loan under an unsecured promissory note (the “Promissory Note”) from the Sponsor of
up to $400,000 (see Note 5) which was fully repaid on April 12, 2022. Subsequent to the consummation of the IPO and sale of the
Private Placement Units on April 11, 2022, a total of $84,150,000 was placed in the Trust Account, and the Company had
$1,515,795 of cash held outside of the Trust Account, after payment of costs related to the IPO, and available for working capital
purposes. In connection with the IPO, the Company incurred $5,105,315 in transaction costs, consisting of $1,650,000 of underwriting
fees, $2,887,500 of deferred underwriting fees and $567,815 of other offering costs.

As
of December 31, 2024, all of the assets of $9,021,005 held in the Trust Account have been held solely in cash in an interest-bearing
demand deposit account at a bank. The Company intends to use substantially all of the funds held in the Trust Account, including any
amounts representing interest earned on the Trust Account (less income taxes payable), to complete the Business Combination. To the extent
that the Company’s share capital or debt is used, in whole or in part, as consideration to complete a Business Combination, the
remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue the Company’s growth strategies.

As
of December 31, 2024, the Company had cash of $16,868 outside of the Trust Account. If the Company does not complete the business
combination, it intends to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform
business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target
businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and
structure, negotiate and complete a Business Combination. 

F-14

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As of December 31,