Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 21

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would
be identical to the Private Placement Units. In the event that the initial Business Combination does not close, the Company may use a
portion of the working capital held outside of the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account
would be used for such repayment. On April 11, 2023, the Company issued the Convertible Promissory Note (“Convertible Promissory
Note 1”) in the total principal amount of up to $825,000 to the Sponsor. The Convertible Promissory Note 1 bears an interest
accruing on the unpaid and outstanding total principal amount at the lowest short-term Applicable Federal Rate as in effect on the date
thereof and is payable in arrears on the earlier of (i) the closing of Denali’s initial business combination and (ii) the date of
the liquidation of the Company (the “Maturity Date”). Interest will be calculated on the basis of a 365-day year and the actual
number of days elapsed, to the extent permitted by applicable law. The Convertible Promissory Note 1 was issued with an initial principal
balance of $412,500 (the “Initial Principal Amount”). The Sponsor has further lent loans in the aggregate amount of $430,000 on
July 18, 2023, October 12, 2023 and December 29, 2023. The Sponsor has further lent an aggregate of $565,700 to the Company for the
Convertible Promissory Note 1 during the year ended December 31, 2024, and additional $ 100,000 on March 21, 2025. On April 2, 2024 the
Company and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional aggregate amount of
up to $186,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date raising the total limit up to $1,200,000.
On January 24, 2025, the Company and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional
aggregate amount of up to $591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising