Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 421

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 421
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 Warrants) for New Semnur Common Stock as part of the Domestication. Because the Domestication will occur immediately prior to the redemption of holders that
exercise redemption rights with respect to Denali Class A Ordinary Shares, U.S. Holders exercising such redemption rights will be subject to the potential tax consequences of Section 367 of the Code as a result of the Domestication.

A U.S. Holder that on the day of the Domestication beneficially owns (directly, indirectly or constructively) (i) ten percent (10%) or more of the total
combined voting power of all classes of Denali Ordinary Shares entitled to vote or (ii) ten percent (10%) or more of the total value of all classes of Denali Ordinary Shares (a “U.S. Shareholder”) generally must include in
income as a dividend the “all earnings and profits amount” attributable to the Denali Ordinary Shares it directly owns within the meaning of Treasury Regulation Section 1.367(b)–2(d). Complex attribution rules apply in
determining whether a U.S. Holder owns 10% or more of the total combined voting power of all classes of Denali securities entitled to vote or 10% or more of the total value of all classes of Denali securities for U.S. federal income tax purposes,
and all U.S. Holders are urged to consult their tax advisors with respect to these attribution rules.

A U.S. Shareholder’s earnings and profits
amount with respect to its Denali Ordinary Shares is the net positive earnings and profits of the corporation (as determined under Treasury Regulation Section 1.367(b)–2(d)(2)) attributable to the Denali Ordinary Shares (as determined
under Treasury Regulation Section 1.367(b)–2(d)(3)) but without regard to any gain that would be realized on a sale or exchange of such Denali Ordinary Shares.

Accordingly, under Treasury Regulation Section 1.367(b)–3(b)(3), a U.S. Shareholder is expected to be required to include in income as a deemed
dividend all earnings and profits amount (as defined in Treasury Regulation Section 1.367(b)–2(d)) with respect to its Denali Ordinary Shares as a result of the Domestication. Any such U.S. Shareholder 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. See “–