Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 730

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 730
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”) 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-22

As of December 31, 2024 and 2023, 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,                               
 2022                                                                                        |     |        |  8,250,000 |   |     |        |  85,371,600 |   |
| Redemption of shares ($10.92 per share)                                                     |     |        | (3,712,171 | ) |     |        | (40,536,908 | ) |
| Subsequent measurement of Class A ordinary shares subject to possible redemption (income    
 earned on Trust Account)                                                                    |     |        |          — |   |     |        |   3,843,271 |   |
| Subsequent measurement of Class A ordinary shares subject to possible redemption (extension 
 deposit)                                                                                    |     |        |          — |   |     |        |   1,800,000 |   |
| 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 |