Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 92

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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 has occurred, without the need for any further approval of the Company’s shareholders, provided that the sponsor (or
its affiliates or permitted designees) will deposit into the Trust Account for each such one-month extension the lesser of (a) an aggregate
of $20,000 or (b) $0.02 per public share that remains outstanding and is not redeemed prior to any such one-month extension, unless the
closing of the Company’s initial business combination has occurred, in exchange for a non-interest bearing promissory note payable
upon consummation of an initial business combination. 

29

In connection with the Shareholder Meeting, shareholders
holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s
Trust Account. As a result, approximately $43.4 million (approximately $11.47 per share) was removed from the Trust Account to pay such
holders. Following redemptions, the Company had 751,837 public shares outstanding. 

On July 10, 2024, the Company issued a convertible
promissory note in the total principal amount of up to $180,000 to the sponsor (the “Sponsor Extension Convertible Promissory Note”).
The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037, with the remaining $164,963
drawable at the Company’s request and upon the consent of the sponsor prior to the maturity of the Sponsor Extension Convertible
Promissory Note. The Sponsor Extension Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation
of the Company’s initial business combination and (ii) the date of the liquidation of the Company.  

On August 30, 2024, the Company entered into an
agreement and plan of merger (the “Merger Agreement”) with Semnur and Denali Merger Sub Inc., a Delaware corporation and wholly
owned subsidiary of the Company (“Merger Sub”). 

Subject to the terms and conditions set forth
in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s equityholders will be an amount
equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in shares of common stock of New Semnur (the “New