Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 776

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 776
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16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into U.S. federal law.
Among other provisions, the IR Act imposes a new 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations, effective for
transactions occurring on or after January 1, 2023. Since the Company is incorporated in the Cayman Islands and is neither a U.S. domestic corporation nor a U.S. domestic subsidiary of a publicly traded foreign corporation, it is exempt from
the 1% U.S. federal excise tax on stock repurchases.

The Company recognizes changes in redemption value immediately as they occur and adjusts the
carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid-in capital or accumulated deficit if additional paid-in capital equals to zero.

F-52

As of March 31, 2025 and December 31, 2024, the ordinary shares reflected in the consolidated balance sheets are reconciled in the following table:

|                                                                                          |     | Shares |            |   |     | Amount |             |   |
|:-----------------------------------------------------------------------------------------|:----|:-------|-----------:|:--|:----|:-------|------------:|:--|
| Ordinary shares subject to possible redemption –                                         
 December 31, 2023                                                                        |     |        |  4,537,829 |   |     | $      |  50,477,963 |   |
| Redemption of shares ($11.47 per share)                                                  |     |        | (3,785,992 | ) |     |        | (43,425,328 | ) |
| Subsequent measurement of Class A ordinary shares subject to possible redemption (income 
 earned on Trust Account)                                                                 |     |        |          — |   |     |        |   1,578,042 |   |
| Subsequent measurement of Class A ordinary shares subject to possible redemption         
 (extension deposit)                                                                      |     |        |          — |   |     |        |     390,328 |   |
| Ordinary shares subject to possible redemption – December 31, 2024                       |     |        |    751,837 |   |     |        |