Company: SMNR
Filing Date: 2025-03-20
Form Type: PRE 14A
Source: 0001213900-25-025610
Chunk: 60

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-20
Form: PRE 14A
Chunk 60
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 $1,200,000. On January 24, 2025, we and the Sponsor amended the Convertible Promissory Note to raise the total borrowing limit to $2,000,000. The Convertible Promissory Note bears an interest equivalent to the lowest short -termApplicable Federal Rate, and matures upon the earlier of (i) the closing of the Company’s initial business combination and (ii) the date of the liquidation of the Company. At the option of the Sponsor, upon consummation of 36 a business combination, the Convertible Promissory Note may be converted in whole or in part into additional Class A ordinary shares of the Company, at a conversion price of $10 per ordinary share (the “Conversion Shares”). The terms of the Conversion Shares will be identical to those of the private placement shares that were issued to the Sponsor in connection with the IPO. In the event that we do not consummate a business combination, the Convertible Promissory Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. On July 10, 2024, we issued a promissory note (the “Sponsor Extension Convertible Promissory Note”) in the total principal amount of up to $180,000 to the Sponsor. The Sponsor Extension Convertible Promissory Note does not bear interest and matures upon the earlier of (i) the effective date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company. The Sponsor Extension Convertible Promissory Note 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 Sponsor Extension Convertible Promissory Note. As of September 30, 2024, there was an aggregate principal amount of $1,308,200 outstanding under the Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note. Compensation None of our executive officers or directors have received any cash compensation for services rendered to the Company. In addition, the Sponsor, our executive officers and directors, or their respective affiliates will be reimbursed for any out -of -pocketexpenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee reviews on a quarterly basis all payments that were made by the Company to