Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 423

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 423
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(f) of the Code.

A U.S. Holder (who is not a U.S. Shareholder) that beneficially owns (directly, indirectly or constructively) Denali Ordinary Shares with a fair market value
of less than $50,000 generally would not be required to recognize any gain or loss or include any part of all earnings and profits amount in income under Section 367(b) of the Code in connection with the Domestication.

If the Domestication Does Not Qualify as a Reorganization

If the Domestication fails to qualify as a reorganization, and subject to the PFIC rules discussed below under the heading “–Passive Foreign Investment Company Status,” a U.S. Holder that exchanges its Denali securities for Domesticated Denali securities in the Domestication is expected to recognize gain or loss equal to the difference between (i) the fair market value of
the Domesticated Denali securities received and (ii) the U.S. Holder’s adjusted tax basis in the Denali securities exchanged therefor. A U.S. Holder’s aggregate tax basis in the Domesticated Denali securities received is expected to
be the fair market value of the Domesticated Denali securities on the date of the Domestication. The U.S. Holder’s holding period for the Domesticated Denali securities received pursuant to the Domestication is expected to begin on the day
after the date of the Domestication.

Such gain or loss generally will be a capital gain or loss and generally will be a long–term capital gain or
loss if the U.S. Holder’s holding period for the Denali securities exceeds one year at the time of the Domestication. Long–term capital gains recognized by non–corporate U.S. Holders, including individuals, currently are subject to
reduced rates of U.S. federal income taxation. The deductibility of capital losses is subject to limitations under the Code. Any such gain or loss recognized by a U.S. Holder generally will be treated as U.S. source gain or loss.

U.S. Holders should consult their own tax advisors as to the particular consequences to them of the exchange of Denali securities for Domesticated Denali
securities pursuant to the Domestication, the qualification of the Domestication as a reorganization, and the application of Section 367(b) to the Domestication.

Passive Foreign Investment Company Status

Even if
the Domestication qualifies as a reorganization, the Domestication may be a taxable event to U.S. Holders of Denali securities