Form 8-K - Current report
28 February 2024 - 8:30AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 22, 2024
DENALI CAPITAL ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Cayman Islands |
|
001-41351 |
|
98-1659463 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
437 Madison Avenue |
|
|
27th Floor |
|
|
New York, New York |
|
10022 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area
code: (646) 978-5180
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
Units, each consisting of one Class A ordinary share and one redeemable warrant |
|
DECAU |
|
The Nasdaq Stock Market LLC |
Class A ordinary shares, par value $0.0001 per share |
|
DECA |
|
The Nasdaq Stock Market LLC |
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |
|
DECAW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing.
On February 22, 2024, Denali Capital Acquisition Corp.
(the “Company”) received a letter (the “Letter”) from the staff at Nasdaq notifying the Company
that, for the 30 consecutive business days 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
Exhibit No. |
|
Description of Exhibits |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
DENALI CAPITAL ACQUISITION CORP. |
|
|
|
Dated: February 27, 2024 |
By: |
/s/ Lei Huang |
|
Name: |
Lei Huang |
|
Title: |
Chief Executive Officer |
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Feb. 22, 2024 |
Document Type |
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Amendment Flag |
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Document Period End Date |
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|
Entity File Number |
001-41351
|
Entity Registrant Name |
DENALI CAPITAL ACQUISITION CORP.
|
Entity Central Index Key |
0001913577
|
Entity Tax Identification Number |
98-1659463
|
Entity Incorporation, State or Country Code |
E9
|
Entity Address, Address Line One |
437 Madison Avenue
|
Entity Address, Address Line Two |
27th Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
(646)
|
Local Phone Number |
978-5180
|
Written Communications |
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Pre-commencement Tender Offer |
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Pre-commencement Issuer Tender Offer |
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Entity Emerging Growth Company |
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|
Elected Not To Use the Extended Transition Period |
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|
Units, each consisting of one Class A ordinary share and one redeemable warrant |
|
Title of 12(b) Security |
Units, each consisting of one Class A ordinary share and one redeemable warrant
|
Trading Symbol |
DECAU
|
Security Exchange Name |
NASDAQ
|
Class A ordinary shares, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A ordinary shares, par value $0.0001 per share
|
Trading Symbol |
DECA
|
Security Exchange Name |
NASDAQ
|
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
|
Trading Symbol |
DECAW
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Security Exchange Name |
NASDAQ
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