Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1198

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1198
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, as these represent significant costs affecting the Company’s consummation of the Business
Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed
in aggregate to ensure alignment with budget and contractual obligations. These expenses
are monitored to manage and forecast cash available to complete a business combination within the required period.

NOTE
10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through
April 1, 2025 when these consolidated financial statements were issued and determined that there were no significant unrecognized
events through that date other than those noted below.

On January 6, 2025, February 11, 2025 and March
11, 2025, Scilex had deposited an aggregate of $45,191 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account
to extend the time the Company has to consummate an initial business combination from January 11, 2025 to April 11, 2025.

On January 24, 2025, the Company and Sponsor agreed
that, in addition to the Initial Principal Amount under the Convertible Promissory Note 1, 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 March 27, 2025, the Company filed a definitive proxy to hold 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 date by which the Company must either (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 or (ii) cease its operations, except for the purpose of winding up, if it fails to complete such initial
business combination and redeem 100% of the Company’s Class A ordinary shares, included as part of the units sold in the Company’s
IPO that was consummated on April 11, 2022 from April 11, 2025 to December 11, 2025, by electing to extend the date to consummate an initial
business combination on a monthly basis for up to eight (8) times by an