Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 804

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 804
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 prior to the date of the Letter, the Company’s Minimum Value of Listed Securities (“MVLS”)
was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A).
The staff at Nasdaq also noted in the Letter that the Company is not in compliance with Nasdaq Listing Rule 5450(b)(3)(A), which requires
listed companies to have total assets and total revenue of at least $50,000,000 each for the most recently completed fiscal year or for
two of the three most recently completed fiscal years. The Letter is only a notification of deficiency, not of imminent delisting, and
has no current effect on the listing or trading of the Company’s securities on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(C),
the Company has 180 calendar days, or until August 20, 2024, to regain compliance. The Letter notes that to regain compliance, the Company’s
MVLS must close at or above $50 million for a minimum of ten consecutive business days during the compliance period. The Letter further
notes that if the Company is unable to satisfy the MVLS requirement prior to such date, the Company may be eligible to transfer the listing
of its securities to The Nasdaq Capital Market (provided that the Company then satisfies the requirements for continued listing on that
market). If the Company does not regain compliance by August 20, 2024, Nasdaq staff will provide written notice to the Company that its
securities are subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. The Company
intends to actively monitor the Company’s MVLS between now and August 20, 2024, and may, if appropriate, evaluate available options
to resolve the deficiency and regain compliance with the MVLS requirement. While the Company is exercising diligent efforts to maintain
the listing of its securities on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with
Nasdaq listing standards.  

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