Company: COPL-UN
Filing Date: 2025-04-01
Form Type: S-1/A
Source: 0001829126-25-002247
Chunk: 341

Company: Copley Acquisition Corp
Filing Date: 2025-04-01
Form: S-1/A
Chunk 341
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 a “controlled foreign
corporation” as defined in the Code, and there are no assurances that we will so qualify. As a result of either purging election,
the U.S. holder will have a new basis and holding period in the ordinary shares acquired upon the exercise of the warrants for purposes
of the PFIC rules. U.S. holders are urged to consult their tax advisors as to the applicability of the rules governing purging elections
to their particular circumstances.

The QEF election is made on a
shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. holder generally makes a QEF
election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified
Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal income tax
return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing a protective statement
with such return and if certain other conditions are met or with the consent of the IRS. U.S. holders should consult their own tax advisors
regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.

In order to comply with the requirements
of a QEF election, a U.S. holder must receive a PFIC annual information statement from us. Our U.S. counsel expresses no opinion with
respect to our PFIC status for any taxable year and we have not made, nor do we intend to make, the analysis necessary to determine whether
or not we are currently a PFIC or whether we have ever been a PFIC. However, if we do determine we are a PFIC for any taxable year, we
will endeavor to provide to a U.S. holder, upon written request by such U.S. holder, such information as the IRS may require, including
a PFIC annual information statement, in order to enable the U.S. holder to make and maintain a QEF election, but there can be no assurance
that we will timely provide such required information or have timely knowledge of our status as a PFIC in the future or of the required
information to be provided.

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If a U.S. holder has made a QEF
election with respect to our ordinary shares, and the special tax and interest charge rules do not apply to such shares (