Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 288

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 288
---
 no applicable law and no injunction or other order restraining or imposing any condition on the consummation of the Business Combination, however, if the Denali
Board determines that any such order or injunction is not material to the business of Semnur, then the Semnur Board may elect to waive that condition without shareholder approval and close the Business Combination.

For more information about the closing conditions to the Business Combination, see the section titled “The Merger Agreement–Closing Conditions.”

The Domestication may be a taxable event for U.S. Holders of Denali Ordinary Shares and Warrants.

Subject to the limitations and qualifications described in “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,” including the application of the PFIC rules and
Section 367(b) of the Code, a U.S. Holder (as defined below) should not recognize gain or loss on the exchange of Denali Ordinary Shares or Warrants for New Semnur Common Stock and New Semnur Warrants (collectively, “Domesticated Denali
securities”), as applicable, pursuant to the Domestication. However, 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 still
recognize gain (but not loss) or be required to include the “all earnings and profits amount” upon the exchange of its Denali securities for Domesticated Denali securities pursuant to the Domestication under Section 367(b) of the
Code.

Alternatively, if the Domestication does not qualify as a “reorganization” within the meaning of Section 368 of the Code, then a
U.S. Holder that exchanges its Denali Ordinary Shares or Warrants for Domesticated Denali securities will recognize gain or loss equal to the difference between (i) the sum of the fair market value of the Domesticated Denali securities received
and (ii) the U.S. Holder’s adjusted tax basis in the Denali Ordinary Shares and Warrants exchanged therefor.

165

In addition, U.S. Holders of Denali Ordinary Shares and Warrants may be subject to adverse U.S. federal
income tax consequences under the PFIC regime. Please see “Material U.S. Federal Income Tax Consequences—U.S. Holders—U.S. Federal Income Tax Consequences of the Domestication to U