Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 20

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 20
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**Additionally, the National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because Denali’s securities were delisted from Nasdaq, the Public Units, Denali Class A

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Ordinary Shares and Public Warrants do not qualify as covered securities under the Securities Act and we are subject to regulation in each state in which we offer our securities. Please see “Denali received a written notice from Nasdaq that it is not in compliance with the MVLS Rule, requiring Denali to maintain a minimum MVLS of $50.0 million, and the Total Assets Rule, requiring Denali 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. As such, there can be no assurance that New Semnur’s securities will be approved for listing on Nasdaq, or if approved, will continue to be so listed following the closing of the Business Combination, or that New Semnur will be able to comply with the continued listing standards of Nasdaq. Denali’s securities may not continue to be listed on Nasdaq in the future, which could limit investors’ ability to make transactions in Denali’s securities and subject Denali to additional trading restrictions.”

Denali intends to list the New Semnur Common Stock and warrants on the Nasdaq Capital Market under the symbol “SMNR” and “SMNRW,” respectively, upon the completion of the Business Combination. It is a condition of the consummation of the Business Combination that the New Semnur Common Stock and New Semnur Warrants after the Domestication and prior to the Effective Time remain listed or quoted on the applicable Stock Exchange through the Effective Time, the listing application for the listing of the New Semnur Common Stock and New Semnur Warrants following the Effective Time have been approved by Nasdaq or other Stock Exchange, and as of the Closing Date, Denali shall not have received any written notice from the applicable Stock Exchange that it has failed or would reasonably be expected to fail to meet such Stock Exchange’s continued listing requirements as of immediately following the Closing. There can be no assurance such listing condition will be met or that Denali will obtain such confirmation from Nasdaq. If such listing condition is not met or if such confirmation is not