Company: SMNR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001013762-25-003461
Chunk: 30

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 30
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 articles of association of the Company, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, leaving 751,837 public shares outstanding. Nasdaq IM -5101-2requires that we complete a business combination within 36 months of the effectiveness of our initial public offering registration statement of April 6, 2022, which is April 6, 2025. Nasdaq Rule 5815 was amended effective October 7, 2024 to provide for the immediate suspension and delisting for failure to meet the 36 -monthrequirement to complete a business combination. Accordingly, if we do not complete our business combination by April 6, 2025, our securities will face immediate trading suspension and delisting action once we receive a delisting determination letter from Nasdaq. In addition, even if we appeal the suspension and delisting, the trading suspension will not be stayed during the pendency of any such appeal and a Nasdaq hearings panel may only reverse the Nasdaq’s staff’s determination if it finds it made a factual error applying Nasdaq IM -5101-2, and we do not anticipate that such an appeal would be successful. We will not be able to complete a business combination before April 6, 2025. Accordingly, we expect to receive a delisting determination letter from Nasdaq on or about April 6, 2025, indicating that our securities will be subject to immediate trading suspension and delisting action by Nasdaq. 18 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 adversely affect the Company’s ability to consummate the business combination with Semnur or another target. We note that under the Merger Agreement, the Company’s maintaining its listing on Nasdaq and the approval for listing by the applicable stock exchange 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 otherwise enter into an amendment to the Merger Agreement to remove such closing conditions. Additionally, the fact that the Company’s securities will not be listed on Nasdaq beginning on or about April 6, 2025 may present certain challenges