Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 428

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 428
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ive Foreign Investment Company Status–Definition and General Taxation of a PFIC.” In addition, the Proposed Regulations would provide
coordinating rules with Section 367(b) of the Code, whereby, if the gain recognition rule of the Proposed Regulations applied to a disposition of PFIC stock that results from a transfer with respect to which Section 367(b) requires the
shareholder to recognize gain or include an amount in income as a distribution under Section 301 of the Code, the gain realized on the transfer is taxable as an excess distribution under Section 1291 of the Code, and the excess, if any, of
the amount to be included in income under Section 367(b) over the gain realized under Section 1291 is taxable as provided under Section 367(b). See “– U.S. Holders–U.S. Federal Income Tax Consequences of the Domestication to U.S. Holders of Denali Securities–If the Domestication Qualifies as a Reorganization –Effect of Section367 of the Code on U.S. Holders of Denali Ordinary Shares.” The Proposed Regulations generally should not apply to an Electing Shareholder with respect to its Denali Ordinary Shares for which a timely QEF
election, a QEF election along with a purging election, or mark–to–market election is made. An Electing Shareholder may, however, be subject to the rules discussed below under the section titled “– U.S. Holders–U.S. Federal Income Tax Consequences of the Domestication to U.S. Holders of Denali Securities–If the Domestication Qualifies as a Reorganization–Effect of Section 367 of the Code onU.S. Holders of Denali Ordinary Shares.”

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The rules dealing with PFICs and with the QEF election and purging election (or a mark–to–market
election) are very complex and are affected by various factors in addition to those described above. Accordingly, a U.S. Holder of Denali securities should consult its own tax advisor concerning the application of the PFIC rules to such securities
under such holder’s particular circumstances.

U.S. Federal Income Tax Consequences of Ownership and Disposition of New Semnur Common Stock

The following discussion is a summary of certain material U.S. federal income tax consequences of the ownership and disposition of New Semnur
Common Stock to U.S. Holders who receive such New Semnur Common Stock pursuant to the Domestication.

Distributions on New Sem