Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 538

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 2
Chunk 538
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 securities on Nasdaq. In accordance with Nasdaq
Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until August 20, 2024, to regain compliance. The Letter notes that
to regain compliance, the Company’s MVLS must close at or above $50 million for a minimum of ten consecutive business days
during the compliance period. The Letter further notes that if the Company is unable to satisfy the MVLS requirement prior to such date,
the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that the Company then satisfies
the requirements for continued listing on that market). If the Company does not regain compliance by August 20, 2024, Nasdaq staff will
provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting
determination to a hearings panel. The Company intends to actively monitor the Company’s MVLS between now and August 20, 2024,
and may, if appropriate, evaluate available options to resolve the deficiency and regain compliance with the MVLS requirement. While
the Company is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that the Company
will be able to regain or maintain compliance with Nasdaq listing standards.

On
July 26, 2024, Denali, received a letter from the staff at Nasdaq informing Denali that it had regained compliance with Nasdaq Listing
Rule 5450(b)(2)(A) and that Nasdaq is in compliance with the Nasdaq Global Market’s requirements. The Denali Units continue to
trade on Nasdaq under the symbol “DECAU”, the Class A Ordinary Shares continue to trade on Nasdaq under the symbol “DECA”
and Denali public warrants continue to trade on Nasdaq under the symbol “DECAW.”

F-16

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

On
October 2, 2024, the Company received a written notice (the “Notice”) from the staff at Nasdaq notifying the Company that
the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which requires the Company to
maintain a MVLS of $50.0 million, and Nasdaq Listing Rule 5450(b)(3)(A) (the “Total Assets Rule