Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 277

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 277
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 additional trading restrictions.

On October 2, 2024, Denali received the Notice from the Staff notifying Denali that Denali was not in compliance with the MVLS Rule, which requires Denali to maintain a minimum MVLS of $50.0 million, and the Total Assets Rule, which requires Denali to maintain total assets and total revenue of at least $50.0 million each for the most recently completed fiscal year or two of the three most recently completed fiscal years, for continued listing on the Nasdaq Global Market. The Notice was only a notification of deficiency and not of imminent delisting, and had no effect on the listing or trading of Denali’s securities on the Nasdaq Global Markets at the time of the Notice.

The Notice states that Denali had 180 calendar days, or until March 31, 2025, to regain compliance with the Listing Rules. To regain compliance, Denali’s MVLS must meet or exceed $50.0 million for a minimum of ten consecutive business days during the 180-day compliance period ending on March 31, 2025.**

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On April 2, 2025, Denali received the Staff’s Determination stating that Denali had not regained compliance with the Listing Rules, and also that Denali was not in compliance with the Public Float Rule, and Denali’s securities would be delisted from The Nasdaq Global Markets unless Denali requests an appeal of this determination by April 9, 2025. If Denali does not appeal the Staff’s delisting determination by April 9, 2025, trading of the Denali Class A Ordinary Shares, Public Warrants and Public Units would be suspended at the opening of business on April 11, 2025, and a Form 25-NSEwould be filed with the SEC, which would remove Denali’s securities from listing and registration on Nasdaq. Denali did not appeal the Staff’s delisting determination by April 9, 2025, and the Denali Class A Ordinary Shares, Public Warrants and Public Units were delisted from Nasdaq and commenced trading on the OTC Markets at the opening of business on April 16, 2025 under the symbols “DNQUF,” “DNQAF” and “DNQWF,” respectively. As a result, Denali may face significant material adverse consequences, including:

| • |     | Denali may no longer be attractive as a merger partner once its securities are