Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1826

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 12
Chunk 1826
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 A ordinary shares issued
upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the agreement entered
into by our sponsor and management team. Our sponsor and each member of our management team have agreed not to transfer, assign or sell
any of their founder shares until the earlier of (A) one year after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. The Private Placement Units and the securities within the units are not transferable,
assignable or salable until 30 days after the completion of our initial business combination. The foregoing restrictions are not applicable
to transfers (a) to our officers or directors, any affiliates or family members of any of our officers or directors, any members or partners
of our sponsor or their affiliates, any affiliates of our sponsor, or any employees of such affiliates; (b) in the case of an individual,
by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order;
(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of a business combination at prices no greater than the price at which the founder shares, Private Placement Units or
Class A ordinary shares, as applicable, were originally purchased; (f) by virtue of our sponsor’s organizational documents upon
liquidation or dissolution of our sponsor; (g) to us for no value for cancellation in connection with the consummation of our initial
business combination; (h) in the event of our liquidation prior to