Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 2147

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 16
Chunk 2147
---
 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 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