Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 99

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 99
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), the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied
on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently assessing
the impact, if any, that ASU 2023-09 would have on its financial position, results of operations or cash flows.

Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated financial statements.

NOTE
3 – INITIAL PUBLIC OFFERING

On
April 11, 2022, the Company consummated the IPO of 8,250,000 Public Units, inclusive of 750,000 Public Units issued
pursuant to the underwriters’ partial exercise of their over-allotment option. The Public Units were sold at a purchase price of
$10.00 per Public Unit, generating gross proceeds of $82,500,000. Each Public Unit consists of one Public Share and one Public Warrant.
Each Public Warrant entitles the holder thereof to purchase one Public Share at a price of $11.50 per share.

The
warrants will become exercisable on the later of 30 days after the completion of the Company’s initial Business Combination
or 12 months from the closing of the IPO and will expire five years after the completion of the Company’s initial Business
Combination or earlier upon redemption or liquidation (see Note 7). 

NOTE
4 – PRIVATE PLACEMENT

Simultaneously
with the closing of the IPO, the Company consummated a private placement and the Sponsor purchased an aggregate of 510,000 Private
Placement Units (including 30,000 Private Placement Units pursuant to the underwriters’ partial exercise of the over-allotment
option) at a price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $5,100,000. Each
whole Private Placement Unit consists of one Class A ordinary share (“Private Placement Shares”) and one warrant
(“Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary
share at a price of $11.50 per share, subject to adjustment. Certain of the proceeds from the sale of the Private Placement Units
were added to the net proceeds