Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 14

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 an extraordinary general meeting held on October 11, 2023, a proposal was
approved that Class A ordinary shares will be issued to holders of Class B ordinary shares upon the exercise of the right of a holder
of the Company’s Class B ordinary shares, par value $0.0001 per share, to convert such holder’s Class B ordinary shares
into Class A ordinary shares on a one-for-one basis at any time and from time to time prior to the closing of an initial business combination
at the election of the holder (the “Founder Share Amendment”). No such conversions have been made as of the date of this filing.
Further, the Class B ordinary shares that convert into Class A ordinary shares do not possess redemption rights.

The Sponsor has agreed that it will be liable
to the Company if and to the extent any claims by a third party (other than the Company’s registered public accounting firm) for
services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into
a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per Public Share or (ii)
the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.20 per
Public Share due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes.
This liability will not apply with respect to any claims by a third party or prospective target business who executed a waiver of any
and all rights to seek access to the Trust Account, nor will it apply to any claims under the Company’s indemnity of the underwriters
of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended, (the “Securities Act”).
Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Company’s Sponsor will
not be responsible to the extent of any liability for such third party claims.

8

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

Merger Agreement – Longevity (termination)

On January 25, 2023, the Company entered into
an Agreement and Plan of Merger (the “Longevity Merger Agreement”), by and among Longevity Biomedical, Inc., a Delaware corporation
(“Longevity”), Denali SPAC