Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1938

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 13
Chunk 1938
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 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 is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing
or trading of the Company’s securities on the Nasdaq Global Market.

The
Notice states that the Company has 180 calendar days, or until March 31, 2025, to regain compliance with the Listing Rules. To regain
compliance, the Company’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. In the event the Company does not regain compliance with the Listing Rules prior to the expiration
of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company
will have the opportunity to appeal the decision to a Nasdaq Hearing Panel. The Company intends to monitor its MVLS and consider its
available options to regain compliance with the Listing Rules.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.

Principles
of Consolidation

The
accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. Any intercompany
transactions and balances have been eliminated in consolidation.

Emerging
Growth Company Status

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations