Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 287

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 287
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, any Denali shareholder who chooses to remain a stockholder of New Semnur following the Business Combination could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by Denali’s officers or directors of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities laws that the proxy solicitation relating to the Business Combination contained an actionable material misstatement or material omission.

Denali’s securities were delisted from Nasdaq on April 16, 2025 and commenced trading on the OTC Markets on April 17, 2025. Additionally, while an application has been submitted to list the New Semnur Common Stock and New Semnur Warrants on Nasdaq, approval has not been received, and such approval is not a condition to the Closing. Trading on the OTC Markets could adversely affect the liquidity and market price of Denali’s and New Semnur’s securities.

On October 2, 2024, Denali received the Notice from the Staff notifying Denali that it was not in compliance with the MVLS Rule, which requires Denali to maintain a minimum MVLS of $50.0 million, and the Total Assets Rule, which requires Denali 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 stated that Denali had 180 calendar days, or until March 31, 2025, to regain compliance.

On April 2, 2025, Denali received the Staff’s Determination stating that Denali had not regained compliance with the Listing Rules, and also that Denali was not in compliance with the Public Float Rule, and Denali’s securities would be 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 “