Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 432

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 432
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 are satisfied, a U.S. Holder takes into account not only the New
Semnur Common Stock actually owned by the U.S. Holder, but also shares of New Semnur Common Stock that are constructively owned by it. A U.S. Holder may constructively own, in addition to stock owned directly, stock owned by certain related
individuals and entities in which the U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any stock the U.S. Holder has a right to acquire by exercise of an option, which would generally include New Semnur Common
Stock which could be acquired pursuant to the exercise of the Warrants. In order to meet the substantially disproportionate test, (i) the percentage of our outstanding voting stock actually and constructively owned by the U.S. Holder
immediately following the redemption of New Semnur Common Stock must be less than 80% of the percentage of our outstanding voting stock actually and constructively owned by the U.S. Holder immediately before the redemption; (ii) the U.S.
Holder’s percentage ownership (including constructive ownership) of our outstanding stock (both voting and nonvoting) immediately after the redemption must be less than 80% of such percentage ownership (including constructive ownership)

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immediately before the redemption; and (iii) the U.S. Holder must own (including through constructive ownership), immediately after the redemption, less than 50% of the total combined voting
power of all classes of our stock entitled to vote. There will be a complete termination of a U.S. Holder’s interest if either (i) all of the shares of the New Semnur Common Stock actually and constructively owned by the U.S. Holder are
redeemed or (ii) all of the shares of the New Semnur Common Stock actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned
by certain family members and the U.S. Holder does not constructively own any other New Semnur Common Stock. The redemption of the New Semnur Common Stock will not be essentially equivalent to a dividend if a U.S. Holder’s redemption results
in a “meaningful reduction” of the U.S. Holder’s proportionate interest in Denali. Whether the redemption will result in a meaningful reduction in a U.S. Holder’s proportionate interest in Denali will depend