Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 52

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 10
Chunk 52
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 years in which we were not a PFIC. Accordingly, if we become a PFIC in another subsequent tax year, the QEF Election will be effective, and the U. S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify as a PFIC.

U. S. Holders should be aware that there can be no assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U. S. Holders with a PFIC Annual Information Statement or other information that such U. S. Holders are required to report under the QEF rules, in the event that we are a PFIC. Thus, U. S. Holders may not be able to make a QEF Election with respect to our common shares. Each U. S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a QEF Election.

A U. S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U. S. federal income tax return. However, if we do not provide the required information with regard to us or any Subsidiary PFICs, U. S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U. S. Holders with respect to the taxation of gains and excess distributions.

Mark-to-Market Election

A U. S. Holder may make a Mark-to-Market Election with respect to our common shares only if our common shares are marketable stock. Our common shares generally will be "marketable stock" if our common shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A of the U. S. Exchange Act or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange ensure active trading of listed stocks. If such stock is traded