Company: SMNR
Filing Date: 2025-03-25
Form Type: PRER14A
Source: 0001013762-25-002297
Chunk: 30

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-25
Form: PRER14A
Chunk 30
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, and we do not anticipate that such an appeal would be successful. We will not be able to complete a business combination before April 6, 2025. Accordingly, we expect to receive a delisting determination letter from Nasdaq on or about April 6, 2025, indicating that our securities will be subject to immediate trading suspension and delisting action by Nasdaq. 18 We also note that if Nasdaq delists the Company’s securities from trading on its exchange and the Company is not able to list its securities on another national securities exchange, it may adversely affect the Company’s ability to consummate the business combination with Semnur or another target. We note that under the Merger Agreement, the Company’s maintaining its listing on the Nasdaq and the approval for listing by the applicable stock exchange of the shares of common stock and the warrants of the combined company is a condition precedent to closing of the business combination with Semnur. If such conditions are not satisfied, the business combination with Semnur will not be consummated unless such conditions are waived by the applicable parties or the parties otherwise enter into an amendment to the Merger Agreement to remove such closing conditions. Additionally, the fact that the Company’s securities will not be listed on Nasdaq beginning on or about April 6, 2025 may present certain challenges for the combined company to obtain approval to list its securities on Nasdaq upon closing of the business combination by adversely impacting the combined company’s ability to meet certain Nasdaq listing requirements, including the minimum per share bid price and the market value of unrestricted publicly held shares. Once our securities are delisted, our securities would likely trade on the over -the -countermarket, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions. If this were to occur, we would face significant material adverse consequences, including: •a limited availability of market quotations for our securities; •reduced liquidity for our securities; •a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; •a limited amount of news and analyst coverage; •a decreased ability to issue additional securities or obtain additional financing in the future; and •the Company may be deemed a less attractive merger partner for a target company or business. Because we would no longer be listed on Nasdaq, our securities would no