Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 81

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 81
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 on the date of the Domestication and who on the date of the Domestication owns (actually and constructively) less than 10% of the total combined voting power of all classes of Denali stock entitled to vote and less than 10% of the total value of all classes of Denali stock generally is not expected to recognize any gain or loss and generally is not expected to be required to include any part of Denali’s earnings in income pursuant to the Domestication; |

| • |     | a U.S. Holder whose Denali Ordinary Shares have a fair market value of $50,000 or more on the date of the Domestication, but who on the date of the Domestication owns (actually and constructively) less than 10% of the total combined voting power of all classes of Denali stock generally is expected to recognize gain (but not loss) on the exchange of Denali Ordinary Shares for New Semnur Common Stock pursuant to the Domestication. As an alternative to recognizing gain, such U.S. Holders may file an election to include in income as a dividend the “all earnings and profits amounts” (as defined in Treasury Regulation Section 1.367(b)-2(d)) attributable to their Denali Ordinary Shares, provided certain other requirements are satisfied. Denali does not expect to have significant cumulative earnings and profits on the date of the Domestication; and |

| • |     | a U.S. Holder who on the date of the Domestication owns (actually and constructively) 10% or more of the total combined voting power of all classes of Denali stock entitled to vote or 10% or more of the total value of all classes of Denali stock generally is expected to be required to include in income as a dividend the “all earnings and profits amount,” (as defined in Treasury Regulation Section 1.367(b)-2(d)) attributable to its Denali Ordinary Shares. Any U.S. Holder that 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