Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 81

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 81
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 is a corporation may, under certain circumstances, effectively be exempt from taxation on a portion or all of the deemed dividend pursuant to Section 245A of the Code. Denali does not expect to have significant cumulative earnings and profits on the date of the Domestication. |

Furthermore, even if the Domestication qualifies as a “reorganization” within the meaning of Section 368 of the Code, a U.S. Holder of Denali securities may, in certain circumstances, still recognize gain (but not loss) upon the exchange of its Denali securities for New Semnur Common Stock pursuant to the Domestication under the PFIC rules of the Code equal to the excess, if any, of the fair market value of New Semnur Common Stock received in the Domestication and the U.S. Holder’s adjusted tax basis in the corresponding Denali securities surrendered in exchange therefor. The tax on any such gain so recognized would be imposed at the rate applicable to ordinary income and an interest charge would apply. For a more complete discussion of the potential application of the PFIC rules to U.S. Holders as a result of the Domestication, see 28

the discussion in the section titled “ 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 — Passive Foreign Investment Company Status.” If the Domestication does not qualify as a reorganization, then a U.S. Holder that exchanges its Denali securities for New Semnur Common Stock generally is expected to recognize gain or loss equal to the difference between (i) the sum of the fair market value of the New Semnur Common Stock received and (ii) the U.S. Holder’s adjusted tax basis in the Denali securities exchanged. For a more detailed discussion of certain U.S. federal income tax consequences of the Domestication, see “ 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” in this proxy statement/prospectus. Holders should consult their own tax advisors to determine the tax consequences to them (including the application and effect of any state, local or other income and other tax laws) of the Domestication.

| Q: | What do I need to do now? |

| A: | You are urged to read carefully and consider the information contained in this proxy statement/prospectus,