Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 361

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 361
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 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
October 2, 2024, the Company received a written notice (the “Notice”) from the staff at Nasdaq notifying the Company that
the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which requires the Company
to maintain a MVLS of $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