Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 26

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
 the United States, have
instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action, related sanctions on the
world economy and the ongoing hostilities in the Middle East are not determinable as of the date of these consolidated financial statements.
The specific impact on the Company’s financial condition, results of operations, and cash flow is also not determinable as of the
date of these consolidated financial statements.

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 was only
a notification of deficiency, not of imminent delisting, and had no effect on the listing or trading of the Company’s securities
on the Nasdaq Global Market at the time of the Notice.

The Notice stated that the Company had 180 calendar
days, or until June 30, 2025, to regain compliance with the Listing Rules. To regain compliance, the Company’s MVLS needed to meet
or exceed $50.0 million for a minimum of ten consecutive business days during the 180-day compliance period ending on June 30, 2025.The
Notice further stated that in the event the Company did 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.

On April 2, 2025, the Company received a written
letter from staff at Nasdaq stating that the Company had not regained compliance with the Listing Rules, and also that the Company was
not in compliance with the Public Float Rule, which requires the Company to maintain a minimum of 1,100,000 publicly held shares for continued
listing. Consequently, the Staff