Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 420

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 420
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ers should be aware that Denali has not requested and does not intend to request a ruling from the IRS or an opinion of counsel with
respect to the U.S. federal income tax treatment of the Domestication. There can be no assurance that the IRS will not take a contrary position to views expressed herein or that a court will not agree with a contrary position of the IRS.

If the Domestication qualifies as a reorganization and subject to the PFIC rules discussed below under the heading “–Passive Foreign Investment Company Status,” and the discussion below regarding the effect of Section 367 of the Code, a U.S. Holder that exchanges its Denali securities pursuant to the Domestication is not expected to recognize gain or loss on the
exchange of Denali securities for Domesticated Denali securities. The aggregate adjusted tax basis of a U.S. Holder in the New Semnur Common Stock received as a result of the Domestication is expected to equal the aggregate adjusted tax basis of the
Denali Ordinary Shares surrendered in the exchange, and the aggregate adjusted tax basis in the New Semnur Warrants received as a result of such exchange is expected to equal the aggregate adjusted tax basis of the Warrants surrendered in the
exchange, in each case increased by any amount included in the income of such U.S. Holder under Section 367(b) of the Code (as discussed below). A U.S. Holder’s holding period for the Domesticated Denali securities received in the
exchange is expected to include the holding period for the Denali securities surrendered in the exchange.

Because the Domestication will occur
immediately prior to the redemption of U.S. 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 the
Domestication. All holders considering exercising redemption rights with respect to their public shares are urged to consult with their tax advisors with respect to the potential tax consequences to them of the Domestication and exercise of
redemption rights.

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Section 367 of the Code applies to certain non–recognition transactions involving foreign corporations, including a domestication of a foreign
corporation in a transaction that qualifies as a reorganization. When it applies, Section 367 imposes U.S. federal income tax on certain U.S. persons in connection with transactions that would otherwise be tax–free. Section 367(b)
generally will apply to U.S. Holders that exchange Denali Ordinary Shares (but not the