Company: GRRR
Filing Date: 2025-07-02
Form Type: 424B5
Source: 0001213900-25-060827
Chunk: 33

Company: Gorilla Technology Group Inc.
Filing Date: 2025-07-02
Form: 424B5
Chunk 33
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s as described above, even if a mark-to-market election is made for Gorilla.

If a U.S. Holder does not make a mark-to-market
election (or a QEF election, as discussed above) effective from the first taxable year of a U.S. Holder’s holding period for
the ordinary shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants in which Gorilla is a PFIC,
then the U.S. Holder generally will remain subject to the Excess Distribution Rules. A U.S. Holder that first makes a mark-to-market
election with respect to the ordinary shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants in
a later year will continue to be subject to the Excess Distribution Rules during the taxable year for which the mark-to-market election
becomes effective, including with respect to any mark-to-market gain recognized at the end of that year. In subsequent years for
which a valid mark-to-mark election remains in effect, the Excess Distribution Rules generally will not apply. A U.S. Holder that
is eligible to make a mark-to-market with respect to its ordinary shares, pre-funded warrants or ordinary shares received upon exercise
of pre-funded warrants may do so by providing the appropriate information on IRS Form 8621 and timely filing that form with the U.S. Holder’s
tax return for the year in which the election becomes effective. U.S. Holders should consult their own 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.

<div align='center'>S-21</div>

A U.S. Holder of a PFIC may be required to
file an IRS Form 8621 on an annual basis. U.S. Holders should consult their own tax advisors regarding any reporting requirements
that may apply to them if Gorilla is a PFIC.

U.S. Holders are strongly encouraged to consult
their tax advisors regarding the application of the PFIC rules to their particular circumstances.

Non-U.S. Holders

This section applies to Non-U.S. Holders
of ordinary shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants. For purposes of this discussion,
a Non-U.S. Holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal
income tax purposes) of ordinary shares, pre-funded warrants or ordinary shares received