Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 285

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 285
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 require us to liquidate.

Certain investments that involve the acquisition of, or investment in, a U.S. business by a non-U.S. investor, directly
or indirectly, may be subject to review and clearance by CFIUS. Whether CFIUS has jurisdiction to review an acquisition or investment transaction depends on, among other factors, the nature and structure of the transaction, the nature of the subject
U.S. business, the nationality of the parties, the level of beneficial ownership interest and the nature of any information or governance rights involved. Investments that result in “control” of a

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U.S. business by a foreign person always are subject to CFIUS jurisdiction. Likewise, certain investments that do not result in control of a U.S. business by a foreign person, but afford foreign
investors certain information or governance rights in U.S. businesses that have a nexus to “critical technologies,” “critical infrastructure” and/or “sensitive personal data” (collectively, “TID U.S.
Businesses”). Further, although the majority of CFIUS filings are filed voluntarily, certain investments in TID U.S. Businesses can be subject to mandatory filing requirements and CFIUS may also pursue transactions that were not notified to it
voluntarily and ask questions regarding, or impose restrictions, conditions or limitations on, such transactions post-closing.

Although we do not believe
the Business Combination is subject to mandatory CFIUS filing requirements, and we do not expect to make a voluntary CFIUS filing, in connection with the Business Combination, there is the risk of CFIUS intervention, before or after the closing of
the Business Combination based on the jurisdictional elements described above. CFIUS may decide to block or delay the Business Combination, impose conditions to mitigate national security concerns with respect to the Business Combination or order us
to divest all or a portion of the U.S. business of Semnur. Such actions could limit the attractiveness of or prevent us from consummating the Business Combination or limit the attractiveness of or prevent us from pursuing alternative initial
business combination opportunities that we believe would otherwise be beneficial to us and our stockholders. As a result, the pool of potential targets with which we could complete an initial business combination may be limited and we may be
adversely affected in terms of competing with other special purpose acquisition companies which do not have foreign person status.

Moreover, the process
of government review, whether by CFIUS or otherwise, could be lengthy and we