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

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 424
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 under the PFIC provisions of the Code, to the extent that Section 1291(f) of the Code applies. Because Denali is a
blank check company with no current active operating business, based upon the composition of its income and assets, and upon a tentative review of its financial statements, Denali believes that it likely was a PFIC for its most recent taxable year
ended on December 31, 2023, and will likely be considered a PFIC for its current taxable year which ends as a result of the Domestication.

Definition and General Taxation of a PFIC

A
non–U.S. corporation will be classified as a PFIC for any taxable year (a) if at least 75% of its gross income consists of passive income, such as dividends, interest, rents and royalties (except for rents and royalties earned in the
active conduct of a trade or business), and gains on the disposition of property that produces such income, or (b) if at least 50% of the fair market value of its assets (determined on the basis of a quarterly average) is attributable to assets
that produce, or are held for the production of, passive income (including for these purposes

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its pro rata share of the gross income and assets of any corporation (and, if certain proposed Treasury Regulations are applied, partnerships) in which it is considered to own at least 25% of the interest, by value). The determination of whether a foreign corporation is a PFIC is made annually. If Denali is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of Denali securities and, in the case of Denali Ordinary Shares, the U.S. Holder did not make either (a) a timely qualified election fund (“QEF”) election under Section 1295 of the Code for Denali’s first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Denali Ordinary Shares or (b) a QEF election along with a “purging election,” both of which are discussed further below, such holder generally will be subject to special rules with respect to:

| • |     | any gain recognized by the U.S. Holder on the sale or other disposition of its Denali securities (including a 
 redemption treated as a sale or exchange); and                                                                |

| • |     | any “excess distribution” made to the U.S