Semnur Pharmaceuticals, Inc. (SMNR): debt financing — Denali Capital extends business combination deadline to Oct 11, 2023 with $825K convertible note to FutureTech Capital

Semnur Pharmaceuticals, Inc.

Deposited $825,000 into trust account to extend deadline by three months from July 11 to October 11, 2023.
Issued convertible promissory note for $825,000 to FutureTech Capital LLC; convertible into Class A shares at $10 per share upon business combination.
Interest at lowest short-term Applicable Federal Rate; note matures upon business combination or liquidation.
This is the second of two permissible three-month extensions under the company's governing documents.
If no business combination, note will be repaid only from funds outside trust account or forfeited.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Semnur Pharmaceuticals, Inc. incurred convertible notes of $825,000 with FutureTech Capital LLC at interest equivalent to the lowest short-term Applicable Federal Rate maturing upon the earlier of (i) the closing of Denali's initial business combination and (ii) the date of the liquidation of Denali.

Instrument: convertible notes
Principal: $825,000
Counterparty: FutureTech Capital LLC
Rate: interest equivalent to the lowest short-term Applicable Federal Rate
Maturity: upon the earlier of (i) the closing of Denali's initial business combination and (ii) the date of the liquidation of Denali
Event: incurrence

Exact text from the filing

On July 11, 2023, Denali Capital Acquisition Corp. (“Denali”) issued a convertible promissory note (the “Convertible Promissory Note”) in the total principal amount of $825,000 to FutureTech Capital LLC, a Delaware Limited Liability Company (“FutureTech’).

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Semnur Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-056618

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