Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 360

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 360
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 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 to Nasdaq Listing Rule 5450(b)(2)(A).
The staff at Nasdaq also noted in the Letter that the Company is not in compliance with Nasdaq Listing Rule 5450(b)(3)(A), which requires
listed companies to have total assets and total revenue of at least $50,000,000 each for the most recently completed fiscal year or for
two of the three most recently completed fiscal years. The Letter 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 Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(C),
the Company has 180 calendar days, or until August 20, 2024, to regain compliance. The Letter notes that to regain compliance, the Company’s
MVLS must close at or above $50 million for a minimum of ten consecutive business days during the compliance period. The Letter further
notes that if the Company is unable to satisfy the MVLS requirement prior to such date, the Company may be eligible to transfer the listing
of its securities to The Nasdaq