Company: SMNR
Filing Date: 2025-03-25
Form Type: PRER14A
Source: 0001013762-25-002297
Chunk: 25

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-25
Form: PRER14A
Chunk 25
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 in terms of competing with other special purpose acquisition companies which do not have similar foreign ownership issues. Moreover, the process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete our initial business combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate. If we liquidate, our public shareholders may only receive $[ ] per public share, and our warrants will expire worthless. This will also cause you to lose any potential investment opportunity in a target company and the chance of realizing future gains on your investment through any price appreciation in the combined company. 15 Nasdaq will suspend trading of our securities and commence delisting proceedings on or about April 6, 2025 due to the Company’s failure to consummate a business combination within 36 months of effectiveness of its initial public offering registration statement, which will adversely affect the trading market for our securities and may impair our ability to complete a business combination. The Company’s Public Units, Class A ordinary shares and public warrants are listed on Nasdaq. Nasdaq IM -5101-2requires that special purpose acquisition companies like ours complete a business combination within 36 months of the effectiveness of its initial public offering registration statement, which, in the case of the Company, is April 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 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