Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 445

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 445
---
ance applies even if the minimum holding period has been met.

To the extent that the amount of any distribution made by New Semnur on the New Semnur Common Stock exceeds New Semnur’s current and accumulated earnings and profits for a taxable year (as determined under U.S. federal income tax principles), the distribution will first be treated as a tax–free return of capital, causing a reduction (but not below zero) in the adjusted basis of the U.S. Holder’s New Semnur Common Stock, and to the extent the amount of the distribution exceeds the U.S. Holder’s tax basis, the excess will be taxed as capital gain recognized on a sale or exchange as described below under “– Sale, Exchange, or Other Taxable Disposition of New Semnur Common Stock.”

Sale, Exchange, or Other Taxable Disposition of New Semnur Common Stock

A U.S. Holder will generally recognize gain or loss on any sale, exchange, or other taxable disposition of New Semnur Common Stock, including on a redemption that is treated as a sale or exchange under Section 302 of the Code, in an amount equal to the difference between the amount realized on the disposition and such U.S. Holder’s adjusted tax basis in such New Semnur Common Stock. Any gain or loss recognized by a U.S. Holder on a taxable disposition of New Semnur Common Stock will generally be capital gain or loss and generally will be long–term capital gain or loss if the holder’s holding period in the New Semnur Common Stock exceeds one year at the time of the disposition. Preferential tax rates may apply to long–term capital gains recognized by non–corporate U.S. Holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S. Holder on the sale or exchange of New Semnur Common Stock will generally be treated as U.S. source gain or loss.

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

In the event that a U.S. Holder elects to redeem its Denali Class A Ordinary Shares (which will be exchanged for shares of New Semnur Common Stock in the Domestication) for cash, the treatment of the transaction for U.S.**

<div align='center'>264</div>

federal income tax purposes will depend on whether the redemption qualifies as a sale or exchange of the New Semnur Common Stock under Section 302