Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 132

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 132
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 such reincorporation may result in
taxes imposed on shareholders.

9

●We
are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of
certain exemptions from disclosure requirements available to “emerging growth companies” or “smaller reporting companies,”
this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public
companies.

●Potential
economic downturns may lead to increased difficulty in completing our business combination.

●Recent
volatility in capital markets may affect our ability to obtain financing for our business combination through sales of our ordinary shares
or issuance of indebtedness.

●Military
conflict in Ukraine, the Middle East, or elsewhere may lead to increased price volatility for public traded securities, which could make
it difficult for us to consummate our business combination.

For
the complete list of risks relating to our operations, see the section titled “Risk Factors” contained in our registration
statement on Form S-1 (File No. 333-263123) filed in connection with our IPO and in the Semnur Disclosure Statement.

Item
1B. Unresolved Staff Comments.

None.

Item
1C. Cybersecurity.

We
are a special purpose acquisition company with no business operations. Since our IPO, our sole business activity has been identifying
and evaluating suitable acquisition transaction candidates. Therefore, we do not consider that we face significant cybersecurity risk
and have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity risk. Our board of directors
is generally responsible for the oversight of risks from cybersecurity threats, if there is any. We have not encountered any cybersecurity
incidents since our IPO.

Item
2. Properties.

We
do not own or lease any real estate or other physical properties materially important to our operation. We currently maintain our executive
offices at 437 Madison Avenue, 27th Floor, New York, New York 10022. We consider our current office space adequate for our current operations.

Item
3. Legal Proceedings.

To
the knowledge of our management, there is no material litigation, arbitration or governmental proceeding currently pending against us,
any of our officers or directors in their capacity as such, any of our property.

Item
4. Mine Safety Disclosures.

Not
applicable.

10

PART
II

Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market