Company: SMNR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001013762-25-003461
Chunk: 26

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 26
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6, 2025. Effective October 7, 2024, Nasdaq Rule 5815 was amended to provide for the immediate suspension and delisting of a company’s securities upon issuance of a delisting determination letter to an issuer for failure to meet the requirements of Nasdaq IM5101 -02. Accordingly, the Company will face immediate suspension and delisting of its securities once the Company receives a delisting determination letter from Nasdaq on or about April 6, 2025. Pursuant to Nasdaq Rule 5815, as amended, Nasdaq may only reverse its delisting determination if it finds that it made a factual error in applying Nasdaq Rule 5815, as amended. Following Nasdaq suspending and delisting of the Company’s securities, we expect the Company’s securities to be quoted on an over -the -countermarket, which may result in significant material adverse consequences, including: •a limited availability of market quotations for our securities; •reduced liquidity for our securities; •a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; •a limited amount of news and analyst coverage; •a decreased ability to issue additional securities or obtain additional financing in the future; •a decreased ability to issue additional securities or obtain additional financing in the future; and •the Company may be deemed a less attractive merger partner for a target company or business. We also note that if Nasdaq delists the Company’s securities from trading on its exchange and the Company is not able to list its securities on another national securities exchange, it may affect the Company’s ability to consummate the business combination with Semnur. Under the Merger Agreement, the Company’s maintaining its listing on Nasdaq and obtaining approval for listing of the shares of common stock and the warrants of the combined company is a condition precedent to closing of the business combination with Semnur. If such conditions are not satisfied, the business combination with Semnur will not be consummated unless such conditions are waived by the applicable parties or the parties enter into an amendment to the Merger Agreement to remove these closing conditions. Additionally, the fact that the Company’s securities will not be listed on Nasdaq at the time of consummation of the business combination may present certain challenges to obtaining approval to list the securities of the combined company on Nasdaq, including