Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 403

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 403
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sequences of the Domestication to U.S. Holders of Aptorum Shares

The following discussion under this
subsection, “Tax Consequences of the Domestication to U.S. Holders of Aptorum Shares” constitutes the opinion of HTFL, counsel
to Aptorum, as to the material U.S. federal income tax consequences of the Domestication to U.S. Holders of Company shares, subject to
the limitations, exceptions, beliefs, assumptions, and qualifications described in such opinion and herein.

As discussed below, it is the opinion
of our counsel that, while the issue is not entirely free from doubt, the Domestication will qualify as a “reorganization”
within the meaning of Code section 368(a)(1)(F); therefore (subject to the Section 367(b) rules and the Passive Foreign Investment Company
(“PFIC”) rules (both discussed below)) U.S. Holders will not recognize gain or loss on the exchange of their Company shares
for Purchaser Common Stock.

Code section 354 provides: “No
gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of
reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.”
Under Code section 368(a)(1), a “reorganization” includes “(F) a mere change in identity, form, or place of organization
of one corporation, however effected.” Under Code section 368(b), a “party to a reorganization” includes “(1)
a corporation resulting from a reorganization, and (2) both corporations, in the case of a reorganization resulting from the acquisition
by one corporation of stock or properties of another.” Accordingly, the Domestication, as a change in the place of organization
of Company, constitutes a reorganization under Section 368(a)(1)(F) to which Company is a party, provided that the transaction otherwise
qualifies under Section 368 and the regulations promulgated under Section 368.

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Treasury Regulation Section (“Reg
Sec.”) 1.368-2(m) provides that six requirements must be satisfied in order for a reorganization to qualify as a reorganization
under Section 368(a)(1)(F). These requirements are intended to assure that, at least immediately after the reorganization, the only parties
involved in the transaction are the resulting corporation and