Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 43

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 raising the total limit up to $2,000,000.
The Sponsor further lent an aggregate of $565,700 to the Company against the Convertible Promissory Note during the year ended December
31, 2024. As of June 30, 2025, there was an amount of $1,574,970 outstanding under Working Capital Loans in the form of the Convertible
Promissory Note issued to Sponsor. Further, an amount of $110,237 with interest at 4.86% on the amount borrowed from the Sponsor
was recognized as accrued interest expense – related party as of June 30, 2025.

22

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

On July 10, 2024, the
Company issued Convertible Promissory Note 2 to the Sponsor in an aggregate principal amount of up to $180,000. The note was initially
funded with a principal balance of $15,037. The remaining $164,963 is available to be drawn at the Company’s discretion, subject
to the Sponsor’s consent, at any time prior to the maturity of Convertible Promissory Note 2. 

NOTE
6 – COMMITMENTS AND CONTINGENCIES

Registration
Rights

The holders
of the founder shares, Private Placement Shares and Private Placement Warrants, including any of those issued upon conversion of the Working
Capital Loans (and any Private Placement Shares issuable upon the exercise of the Private Placement Warrants that may be issued upon
conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights
agreement signed on April 6, 2022. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed after the completion of the initial Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs and expenses of filing any such
registration statements.

The Merger Agreement contemplates that, at or
prior to the closing of the business combination between the Company and Semnur (the “Closing”), Denali, Scilex, the Sponsor
and certain shareholders of Denali will enter into the Registration Rights Agreement, which, among other