Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 83

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 83
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 SEC’s website at http://www.sec.gov. Except as expressly
required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise. 

Overview 

We are a blank check company
incorporated as a Cayman Islands exempted company on January 5, 2022 (inception), for the purpose of effecting an initial business combination.
While we will not be limited to a particular industry or geographic region in our identification and acquisition of a target company,
we intend to focus on technology, consumer and hospitality and will not complete our initial business combination with a target that is
headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).
We intend to effectuate our initial business combination using cash from the proceeds of our IPO and the sale of units in the Private
Placement to the sponsor, additional shares, debt or a combination of cash, equity and debt. 

We expect to continue to incur
significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a business combination will
be successful. 

Recent Developments 

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” and, together with the MVLS Rule, the “Listing Rules”), which requires the Company 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, not of imminent
delisting, and had no effect on the listing or trading of the Company’s securities on the Nasdaq Global Market at the time of the
Notice.

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The Notice stated that the Company had 180 calendar days, or until
March 31, 2025, to regain compliance with the Listing Rules. To regain compliance, the Company’s MVLS needed to meet or exceed
$