Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 89

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 89
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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 June 30, 2025, to regain compliance with the Listing Rules. To regain compliance, the Company’s MVLS needed to