Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 630

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 630
---
Public Unit, generating gross proceeds of $82,500,000, which is described in Note 3. Simultaneously with the closing of the IPO, the
Company consummated the sale of 510,000 units (including over-allotment of 30,000 units) (the “Private Placement
Units”) to the Sponsor at a price of $10.00 per Private Placement Unit in a private placement generating gross proceeds of
$5,100,000, which is described in Note 4. Transaction costs amounted to $5,105,315, consisting of $1,650,000 of underwriting fees,
$2,887,500 of deferred underwriters’ fees and $567,815 of other offering costs, and were all initially charged to shareholders’
equity.

Trust
Account

Following
the consummation of the IPO on April 11, 2022, a total of $84,150,000 of the net proceeds from the IPO and the sale of the Private
Placement Units was deposited in a trust account (the “Trust Account”). The net proceeds were invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as
a money market fund and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company. Further,
on April 12, 2023, the Company issued a press release announcing that it deposited $825,000 into the Trust Account, 50% of
this amount being a loan from the Sponsor in the form of a convertible promissory note and other 50% amount was transferred directly
from the remaining cash on hand balance at that time, in order to extend the period of time it has to consummate a business combination
by an additional three months, from then current deadline of April 11, 2023 to July 11, 2023. On July 13, 2023, the Company issued
a press release announcing that an aggregate of $825,000 has been deposited into the Company’s Trust Account in order to extend
the period of time it has to consummate a business combination by an additional three months, from the then current