Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 781

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 781
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 to eight (8) times by an additional one month each time, unless the closing of the Company’s initial business combination has occurred, without the need for any further approval of the Company’s shareholders, provided that the Sponsor (or its affiliates or permitted designees or a third party) will deposit into the Trust Account for each such one-monthextension $ 0.02per public share that remains outstanding and is not redeemed prior to any such one-monthextension, unless the closing of the Company’s initial business combination has occurred, in exchange for a non-interestbearing promissory note payable upon consummation of an initial business combination. In connection with the Third Extension Meeting, shareholders holding 708,098public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $ 8.6million (approximately $ 12.17per share) was removed from the Trust Account to pay such holders. Following redemptions, the Company had 43,739public shares outstanding. As of March 31, 2025, Scilex deposited aggregated total of $ 120,482drawn 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 to April 11, 2025. On April 11, 2025 and May 9, 2025, Scilex had deposited an aggregate of $ 1,750drawn 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 April 11, 2025 to June 11, 2025. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the value of the assets held in the Trust Account (excluding any deferred underwriters’ fees and taxes payable on the interest income earned on the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in