Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 805

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 805
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 $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.

13

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.

On
January 25, 2023, we entered into the Longevity Merger Agreement, by and among Longevity, Holdco, Denali Merger Sub, Longevity Merger
Sub, and the Seller Representative. 

On
March 29, 2023, Holdco filed a Form S-4 with the SEC to register shares of its common stock that will be issued in connection with the
business combination contemplated by the Longevity Merger Agreement, as amended by Amendments Nos. 1, 2, 3, 4, 5 and 6 thereto, filed
with the SEC on May 31, 2023, July 13, 2023, September 1, 2023, October 20, 2023, November 21, 2023 and December 6, 2023 respectively.
On December 14, 2023, HoldCo filed a notice of effectiveness. On January 9, 2024, our shareholders held a Business Combination Meeting
and voted in favor of approving the Longevity