Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 272

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 272
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 are disregarded). The Nasdaq Global Select Market is a qualified exchange for this purpose and, consequently, if the ADSs are regularly traded, the mark-to-market election will be available to a U. S. holder. It should be noted that only the ADSs and not its ordinary shares are listed on the Nasdaq Global Select Market. Consequently, its ordinary shares may not be marketable if Euronext Paris (where its ordinary shares are listed) does not meet the applicable requirements. U. S. holders should consult their tax advisors regarding the availability of the mark-to-market election for ordinary shares that are not represented by ADSs.

However, a mark-to-market election generally cannot be made for equity interests in any lower-tier PFICs that the Company owns, unless shares of such lower-tier PFIC are themselves “marketable.” As a result, even if a U. S. holder validly makes a mark-to-market election with respect to its ordinary shares or ADSs, the U. S. holder may continue to be subject to the PFIC rules (described above) with respect to its indirect interest in any of its investments that are treated as an equity interest in a PFIC for U. S. federal income tax purposes. U. S. holders should consult their tax advisors as to the availability and desirability of a mark-to-market election, as well as the impact of such election on interests in any lower-tier PFICs.

The Company does not currently intend to provide the information necessary for U. S. holders to make a “qualified electing fund election” if the Company is treated as a PFIC for any taxable year. U. S. holders should consult their tax advisors to determine whether this election would be available and if so, what the consequences of the alternative treatments would be in their particular circumstances.

If the Company is a PFIC, the general tax treatment for U. S. holders described in this section would apply to indirect distributions and gains deemed to be realized by U. S. holders in respect of any of its subsidiaries that also may be PFICs. U. S. holders should consult their tax advisors regarding the application of the PFIC rules to the Company's subsidiaries.

If a U. S. holder owns its ordinary shares or ADSs during any taxable year in which the Company is a PFIC, the U. S. holder generally will be required to file an IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing