Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 70

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 70
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 for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale or exchange of the 
 Denali Class A Ordinary Shares under Section 302 of the Code or is treated as a distribution under Section 301 of the Code and whether Denali would be characterized as a passive foreign investment company (“PFIC”). Whether                  
 the redemption qualifies as a sale or exchange or is treated as a distribution will depend on the facts and circumstances of each particular U.S. Holder at the time such U.S. Holder exercises his, her, or its redemption right.              |

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Additionally, because the Domestication will occur prior to the redemption by U.S. Holders that exercise redemption rights with respect to Denali Class A Ordinary Shares, U.S. Holders exercising such redemption rights will be subject to the potential tax consequences of Section 367(b) of the Code and the PFIC rules. The tax consequences of the exercise of redemption rights, including pursuant to Section 367(b) of the Code and the PFIC rules, are discussed more fully below under “ Material U.S. Federal Income Tax Consequences — U.S. Holders — Certain U.S. Federal Income Tax Consequences to U.S. Holders of Exercising Redemption Rights.” All holders of Denali Class A Ordinary Shares considering exercising their redemption rights are urged to consult their tax advisor on the tax consequences to them of an exercise of redemption rights, including the applicability and effect of U.S. federal, state, local and foreign income and other tax laws.

| Q: | What are the U.S. federal income tax consequences of the Domestication to U.S. Holders of Denali Securities? |

| A: | As discussed more fully under “Material U.S. Federal Income Tax                                                                                                                                                                       
 Consequences — U.S. Holders — U.S. Federal Income Tax Consequences of the Domestication to U.S. Holders of Denali Securities,” the Domestication is                                                                                   
 intended to qualify as a “reorganization” within the meaning of Section 368 of the Code. However, the provisions of the Code that govern reorganizations are complex, and due to the absence of direct guidance on the application of 
 Section 368 to a domestication of a corporation holding only investment-type assets such as Denali, the qualification of the Domestication as a “reorganization” within the meaning of Section 368 of the Code is not entirely        
 clear. If the Domestication so qualifies, then a U