Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1018

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7
Chunk 1018
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Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References
to the “Company,” “Denali,” “our,” “us” or “we” refer to Denali Capital Acquisition
Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with the audited consolidated financial statements and the notes related thereto which are included in “Item 8. Financial Statements
and Supplementary Data” of this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth
below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements
as a result of many factors. Certain information contained in the discussion and analysis set forth below includes forward-looking statements.
Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including
those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere
in this Annual Report on Form 10-K.

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
February 22, 2024, the Company received a letter (the “Letter”) from the staff at Nasdaq notifying the Company that, for
the 30 consecutive business days prior to the date of the Letter, the Company’s Minimum Value of Listed Securities (“MVLS”)
was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant