Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 203

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 203
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 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” 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