Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 434

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 434
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. Federal Income Tax Consequences to U.S. Holders of Exercising Redemption Rights.” If such a redemption qualifies as a sale of New
Semnur Common Stock, the U.S. federal income tax consequences to the Non–U.S. Holder will be as described below under “– Sale, Exchange, Redemption or Other Taxable Disposition of New Semnur Common Stock.” If
such a redemption does not qualify as a sale of New Semnur Common Stock, the Non–U.S. Holder will be treated as receiving a distribution, the U.S. federal income tax consequences of which are described below under
“–Distributions on New Semnur Common Stock.”

U.S. Federal Income Tax Consequences of Ownership and Disposition of New Semnur Common Stock

The following discussion is a summary of certain material U.S. federal income tax consequences of the
ownership and disposition of New Semnur Common Stock to Non–U.S. Holders who receive such New Semnur Common Stock pursuant to the Domestication.

265

Distributions on New Semnur Common Stock Distributions of cash or property to a Non–U.S. Holder in respect of New Semnur Common Stock will generally constitute dividends for U.S. federal income tax purposes to the extent paid from New Semnur’s current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds New Semnur’s current and accumulated earnings and profits, the excess will generally be treated first as a tax–free return of capital to the extent of the Non–U.S. Holder’s adjusted tax basis in the New Semnur Common Stock. Any remaining excess will be treated as capital gain and will be treated as described below under “–Sale, Exchange, or Other Taxable Disposition of New Semnur Common Stock.” Dividends paid to a Non–U.S. Holder of New Semnur Common Stock generally will be subject to withholding of U.S. federal income tax at a 30% rate, unless such Non–U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate as described below. However, dividends that are effectively connected with the conduct of a trade or business by the Non–U.S. Holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment or fixed base of the Non–U