Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 449

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 449
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 Denali purchased or acquired on different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.

Because the Domestication will occur prior to the redemption of U.S. Holders that exercise redemption rights with respect to Denali Class A Ordinary Shares, U.S. Holders exercising such redemption rights will be deemed to have exchanged their Denali Class A Ordinary Shares for shares of New Semnur Common Stock and will be subject to the potential tax consequences of Section 367(b) of the Code and the tax rules relating to PFICs as a result of the Domestication (as discussed further above).

All U.S. Holders are urged to consult their tax advisors as to the tax consequences to them of a redemption of all or a portion of their New Semnur Common Stock pursuant to an exercise of redemption rights.

Non–U.S. Holders

Certain U.S. Federal Income Tax Consequences to Non–U.S. Holders of Exercising Redemption Rights

Because the Domestication will occur immediately prior to the redemption of Non–U.S. Holders that exercise redemption rights with respect to our Denali Class A Ordinary Shares, the U.S. federal income tax consequences to a Non–U.S. Holder of New Semnur Common Stock that exercises its redemption rights to receive cash will depend on whether the redemption qualifies as a sale of the New Semnur Common Stock redeemed, as described above under “–Certain U.S. 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.**

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