Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1699

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1699
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 The Sponsor further lent an aggregate of $565,700 to the Company for the Convertible
Promissory Note 1 during the year ended December 31, 2024. 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 the total limit up to $2,000,000.

On
July 10, 2024, the Company issued Convertible Promissory Note 2 in the total principal amount of up to $180,000 to Sponsor. The Convertible
Promissory Note 2 was issued with an initial principal balance of $15,037, with the remaining $164,963 drawable at the Company’s
request and upon the consent of the Sponsor prior to the maturity of the Convertible Promissory Note 2.

As of December 31, 2024, there was an amount of
$1,408,200 and $15,037 outstanding under Working Capital Loans in the form of the Convertible Promissory Note 1 and 2, respectively,
issued to the Sponsor.

As of December 31, 2024, the outstanding amount under the Working Capital
Loans in the form of the Convertible Promissory Note 1 issued to the Sponsor had exceeded the limit of $1,200,000, reaching $1,408,200,
resulting in an overdrawn position. To remediate this overdrawn balance, on January 24, 2025, the Company issued a third amended and restated
promissory note (the “Third Restated Note”) to amend and restate Convertible Promissory Note 1, increasing the total principal
amount to $2,000,000. 

On
July 11, 2023, the Company issued a convertible note (“FutureTech Convertible Promissory Note”) in the total principal amount
of $825,