Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 632

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 632
---
to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s
Trust Account. As a result, approximately $40.5 million (approximately $10.92 per share) was removed from the Trust Account
to pay such holders. Following redemptions and through December 31, 2023, the Company had 4,537,829 public shares outstanding.

On July 10, 2024, the shareholders of the Company held an extraordinary
general meeting of shareholders to consider and vote upon a proposal to amend, by way of special resolution, the amended and restated
memorandum and articles of association of the Company to extend (the “extension”) the date by which the Company must: (i)
consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company
and one or more businesses or entities; (ii) cease its operations, except for the purpose of winding up, if it fails to complete such
initial business combination; and (iii) redeem 100% of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A ordinary shares”), included as part of the units sold in the Company’s IPO from July 11, 2024 to April 11, 2025, by electing
to extend the date to consummate an initial business combination on a monthly basis for up to nine (9) times by an additional one month
each time, unless the closing of the Company’s initial business combination has occurred, without the need for any further approval
of the Company’s shareholders, provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust
Account for each such one-month extension the lesser of (a) an aggregate of $20,000 or (b) $0.02 per public share that remains outstanding
and is not redeemed prior to any such one-month extension, unless the closing of the Company’s initial business combination has
occurred, in exchange for a non-interest bearing promissory note payable upon consummation of an initial business combination.

In
connection with the extraordinary general meeting on July 10, 2024, shareholders holding 3,785,992 public shares exercised their right
to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $43.4