Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 441

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 441
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’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder’s holding period before the first day of Denali’s first taxable year in which it qualified as a PFIC, will be taxed as ordinary income; |

| • |     | the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and |

| • |     | the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S. Holder. |

In general, if Denali is determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above with respect to its Denali Ordinary Shares by making a timely QEF election (or a QEF election along with a purging election), as described below. Pursuant to the QEF election, a U.S. Holder will be required to include in income its pro rata share of Denali’s net capital gain (as long–term capital gain) and other earnings and profits (as ordinary income), on a current basis, whether or not distributed, in the taxable year of the U.S. Holder in which Denali’s taxable year ends. Impact of PFIC Rules on Certain U.S. Holders The impact of the PFIC rules on a U.S. Holder of Denali securities will depend on whether the U.S. Holder has made a timely and effective election to treat Denali as a QEF, 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 if the U.S. Holder made an effective QEF election along with a “purging election,” as discussed below. A U.S. Holder’s ability to make an effective QEF election with respect to Denali is contingent upon, among other things, the provision by Denali of certain information that would enable the U.S. Holder to make and maintain a QEF election. A U.S. Holder that made a timely and effective QEF election 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 that made a QEF election along with a purging election, as