Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 284

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 284
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 delisted from the Nasdaq Global Market unless Denali requested an appeal of this determination by April 9, 2025. Denali did not appeal the Staff’s delisting determination, and the Denali Class A Ordinary Shares, Public Warrants and Public Units were delisted from Nasdaq at the opening of business on April 16, 2025. Trading of Denali’s securities on the OTC markets commenced on April 17, 2025 under the symbols “DNQAF”, “DNQWF” and “DNQUF,” respectively.

As a result of the delisting and trading on the OTC Markets, Denali may face significant material adverse consequences, including but not limited to: limited availability of market quotations for its securities; a determination that its securities are a “penny stock,” which will require brokers trading in the securities to adhere to more stringent rules and possibly result in a reduced level of trading activity; reduced liquidity of its securities; a limited amount of news and analyst coverage; and a decreased ability to issue additional securities or obtain additional financing in the future.

Furthermore, on April 16, 2025, Denali and Semnur entered into Amendment No. 1 to the Merger Agreement, which, among other things, addresses the delisting of Denali’s securities from Nasdaq by facilitating quotation on the OTC Markets and extending the timeframe to complete a business combination through December 11, 2025.

In connection with the Business Combination, Denali and Semnur have submitted an application for the listing of the New Semnur Common Stock and New Semnur Warrants on Nasdaq. However, as of the date hereof, the parties have not received approval for this Nasdaq listing. Additionally, listing on Nasdaq or another national securities exchange is not a condition to the closing of the Business Combination. If New Semnur’s securities are not listed on Nasdaq or another national securities exchange following the Business Combination, it may be more difficult for stockholders to sell their securities, potentially reduce the liquidity and market price of New Semnur’s securities, limit analyst coverage, and may be more difficult for New Semnur to raise additional capital in the future.

Trading on the OTC Markets is volatile and sporadic, which could depress the market price of Denali Class A Ordinary Shares and make it difficult for Denali shareholders to resell their shares. The market for Denali Class A Ordinary Shares is limited and persons who purchase Denali Class A Ordinary Shares may