Denali Capital Acquisition Corp. Faces Delisting Notice
Ticker: SMNRW · Form: 8-K · Filed: Oct 7, 2024 · CIK: 1913577
| Field | Detail |
|---|---|
| Company | Denali Capital Acquisition Corp. (SMNRW) |
| Form Type | 8-K |
| Filed Date | Oct 7, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $11.50, $50.0 m, $50.0 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, spac
TL;DR
Denali Capital Acquisition Corp. got a delisting notice, might be moving exchanges.
AI Summary
Denali Capital Acquisition Corp. filed an 8-K on October 7, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates a transfer of listing is occurring, with the earliest event reported on October 2, 2024. The company is incorporated in the Cayman Islands and its business address is in New York.
Why It Matters
This filing signals potential issues with Denali Capital Acquisition Corp.'s compliance with stock exchange listing standards, which could impact its trading status and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant event that can lead to the stock being removed from an exchange, severely impacting liquidity and value.
Key Numbers
- 001-41351 — SEC File Number (Identifies the specific SEC filing for Denali Capital Acquisition Corp.)
Key Players & Entities
- Denali Capital Acquisition Corp. (company) — Registrant
- October 2, 2024 (date) — Earliest event reported
- October 7, 2024 (date) — Filing date
- 437 Madison Avenue, 27th Floor, New York, NY 10022 (location) — Business Address
FAQ
What specific listing rule or standard has Denali Capital Acquisition Corp. failed to satisfy?
The provided text states a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify which rule or standard was violated.
What is the nature of the 'Transfer of Listing' mentioned in the filing?
The filing indicates a transfer of listing is occurring, but the details of this transfer, including the destination exchange or the reasons for it, are not provided in this excerpt.
What is the significance of the 'Earliest event reported' date of October 2, 2024?
This date marks the earliest point in time to which the reported events in the 8-K filing pertain, suggesting the issue leading to the delisting notice began around this time.
What is Denali Capital Acquisition Corp.'s SIC code and what does it represent?
The SIC code is [6770] for 'BLANK CHECKS', which typically refers to companies formed for the purpose of acquiring or merging with an existing company.
Where is Denali Capital Acquisition Corp. incorporated and what is its fiscal year end?
The company is incorporated in the Cayman Islands, and its fiscal year ends on December 31.
Filing Stats: 892 words · 4 min read · ~3 pages · Grade level 14.4 · Accepted 2024-10-07 16:30:57
Key Financial Figures
- $0.0001 — LLC Class A ordinary share, par value $0.0001 per share DECA The Nasdaq Stock Mar
- $11.50 — ordinary share at an exercise price of $11.50 per share DECAW The Nasdaq Stock Ma
- $50.0 m — Value of Listed Securities ("MVLS") of $50.0 million, and Nasdaq Listing Rule 5450(b)(
- $50.0 million — al assets and total revenue of at least $50.0 million each for the most recently completed fi
Filing Documents
- ea0216758-8k425_denali.htm (8-K) — 38KB
- 0001213900-24-085921.txt ( ) — 264KB
- deca-20241002.xsd (EX-101.SCH) — 4KB
- deca-20241002_def.xml (EX-101.DEF) — 27KB
- deca-20241002_lab.xml (EX-101.LAB) — 37KB
- deca-20241002_pre.xml (EX-101.PRE) — 25KB
- ea0216758-8k425_denali_htm.xml (XML) — 7KB
01. Notice of Delisting or
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 2, 2024, Denali Capital Acquisition Corp., a Cayman Island exempted corporation (the "Company") received a written notice (the "Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("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 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. The Notice 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 the Nasdaq Global Market. The Notice states that the Company has 180 calendar days, or until March 31, 2025, to regain compliance with the Listing Rules. To regain compliance, the Company's MVLS must meet or exceed $50.0 million for a minimum of ten consecutive business days during the 180-day compliance period ending on March 31, 2025. In the event the Company does 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. The Company intends to monitor its MVLS and consider its available options to regain compliance with the Listing Rules. Forward-Looking This Current Report on Form 8-K includes "forward-looking statements" within
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Denali Capital Acquisition Corp. By: /s/ Lei Huang Name: Lei Huang Title: Chief Executive Officer Date: October 7, 2024 2