Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1702

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1702
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 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 Capital Market (provided that the Company then satisfies
the requirements for continued listing on that market). If the Company does not regain compliance by August 20, 2024, Nasdaq staff will
provide 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)