Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 139

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 139
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Recent Developments

As previously disclosed, on October 2, 2024, Denali received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying Denali that Denali was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which requires Denali 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, Denali received a notice from the Staff (the “Staff’s Determination”) stating that Denali has not regained compliance with the Listing Rules, and also that Denali is not in compliance with Nasdaq Listing Rule 5450(b)(2)(B) which sets forth a requirement to maintain a minimum of 1,100,000 publicly held shares for continued listing (the “Public Float Rule”), and Denali’s securities will be delisted from the Nasdaq Global Market unless Denali requests an appeal of this determination by April 9, 2025. If Denali does not appeal the Staff’s delisting determination by April 9, 2025, trading of the Denali Class A Ordinary Shares, Public Warrants**

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and Public Units would be suspended at the opening of business on April 11, 2025, and a Form 25-NSE will be filed with the SEC, which would remove Denali’s securities from listing and registration on Nasdaq. Denali did not appeal the Staff’s delisting determination by April 9, 2025, and the Denali Class A Ordinary Shares, Public Warrants and Public Units were delisted at the opening of business on April 16, 2025. Trading of Denali’s securities on the OTC Markets commenced on April 17, 2025. Summary Risk Factors In evaluating the Business Combination and the Proposals to be considered and voted on at the Meeting, you should carefully review and consider the risk factors set forth under the section titled “ Risk Factors” beginning on