Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 433

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 433
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 on the particular
facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no control over corporate affairs
may constitute such a “meaningful reduction.” A U.S. Holder should consult with its own tax advisors as to the tax consequences of a redemption.

If none of the foregoing tests is satisfied, then the redemption will be treated as a corporate distribution. After the application of those rules regarding
corporate distributions, any remaining tax basis of the U.S. Holder in the redeemed New Semnur Common Stock will be added to the U.S. Holder’s adjusted tax basis in its remaining New Semnur Common Stock, or if it has none, to the U.S.
Holder’s adjusted tax basis in its Warrants or possibly in other New Semnur Common Stock constructively owned by it. Shareholders who hold different blocks of New Semnur Common Stock (generally, shares of Denali purchased or acquired on
different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.

Because the Domestication will
occur 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 deemed to have exchanged their Denali Class A Ordinary
Shares for shares of New Semnur Common Stock and will be subject to the potential tax consequences of Section 367(b) of the Code and the tax rules relating to PFICs as a result of the Domestication (as discussed further above).

All U.S. Holders are urged to consult their tax advisors as to the tax consequences to them of a redemption of all or a portion of their New Semnur Common
Stock pursuant to an exercise of redemption rights.

Non–U.S. Holders

Certain U.S. Federal Income Tax Consequences to Non–U.S. Holders of Exercising Redemption Rights

Because the Domestication will occur immediately prior to the redemption of Non–U.S. Holders that exercise redemption rights with respect to our Denali
Class A Ordinary Shares, the U.S. federal income tax consequences to a Non–U.S. Holder of New Semnur Common Stock that exercises its redemption rights to receive cash will depend on whether the redemption qualifies as a sale of the New
Semnur Common Stock redeemed, as described above under “–Certain U.S