Company: SMNR
Filing Date: 2025-04-09
Form Type: 425
Source: 0001213900-25-030050
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-09
Form: 425
Chunk 1
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daq Stock Market |
| Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |     | DECAW             |     | The Nasdaq Stock Market |

Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As
previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC")
on October 7, 2024, on October 2, 2024, Denali Capital Acquisition Corp. (the “Company”) received a written notice
(the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC
(“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 minimum Market Value of Listed Securities (“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.

On
April 2, 2025, the Company received a written letter from the Staff (the “Staff’s Determination”) stating that
the Company has not regained compliance with the Listing Rules, and also that the Company is not in compliance with Nasdaq Listing Rule
5450(b)(2)(B) (the “Public Float Rule”), which requires the Company to maintain a minimum of