Company: SMNR
Filing Date: 2025-04-09
Form Type: 425
Source: 0001213900-25-030050
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-09
Form: 425
Chunk 2
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 1,100,000 publicly held
shares for continued listing. Consequently, the Staff determined that the Company’s securities will be delisted from The Nasdaq
Global Market unless the Company requests an appeal of this determination by April 9, 2025. If the Company does not appeal the Staff’s
delisting determination by that date, trading of the Company’s Class A ordinary shares, warrants, and units will be suspended at
the opening of business on April 11, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”),
which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.

Trading
of the Company’s securities on the OTC market is expected to commence shortly after the Company’s securities are delisted
from Nasdaq. The delisting from Nasdaq and the commencement of trading on the OTC market is not expected to immediately impact the Company’s
previously announced business combination with Semnur Pharmaceuticals, Inc., a Delaware corporation (“Semnur”) and a wholly
owned subsidiary of Scilex Holding Company, and the Company anticipates that the parties will continue to work towards effectuating completion
of that business combination.

The
Company plans to remain a reporting entity under the Securities Exchange Act of 1934, as amended, and to continue to file periodic and
current reports and other information with the SEC.

Forward-Looking Statements

This Current Report on
Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,”
“expects,”, “anticipates”, “intends,” “plans,” “estimates,” “assumes,”
“may,” “should,” “will,” “seeks,” or other similar expressions. Such statements are subject
to certain risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations expressed
in the forward-looking statements. There can be no assurance that the Company will achieve such expectations, including the expected trading
of the Company’s securities on the OTC market and the anticipated immediate impact of the delisting on the Company’s proposed
business combination with Semnur. The forward-looking statements contained in this report speak only as of the date of this report and
the Company undertakes no obligation to publicly