Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1847

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 12
Chunk 1847
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 or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to
redeem their Public Shares for a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account
calculated as of two business days prior to the consummation of the initial Business Combination (initially anticipated to be $10.20 per
Public Unit, plus any pro rata interest then in the Trust Account, net of taxes payable). The Public Shares subject to redemption were
recorded at a redemption value and classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting
Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities
from Equity” (“ASC 480”). The Company will not redeem Public Shares in an amount that would cause its net tangible
assets to be less than $5,000,001 (so that it does not then become subject to the “penny stock” rules of the Securities
and Exchange Commission (the “SEC”)) either prior to or upon consummation of an initial Business Combination. However, a
greater net tangible asset or cash requirement may be contained in the agreement relating to the Business Combination. In shareholders’
meeting held on October 11, 2023, it was resolved to eliminate this limitation that the Company may not redeem Public Shares in an amount
that would cause the Company’s net tangible assets to be less than $5,000,001 (the “Redemption Limitation Amendment”).
If the Company is unable to complete the initial Business Combination within the Combination Period, including Extension (refer to Note
9), the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to
the Company to pay the Company’s franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then-issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law,