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

Company: Gorilla Technology Group Inc.
Filing Date: 2025-07-02
Form: 424B5
Chunk 25
---
IC consequences in the event that we are classified as a PFIC. Accordingly,
each U.S. Holder should consult its own tax advisor regarding the risks associated with the acquisition of a pre-funded warrant pursuant
to this offering (including potential alternative characterizations). The balance of this discussion generally assumes that the characterization
described above is respected for U.S. federal income tax purposes.

<div align='center'>S-17</div>

U.S. Holders

Distributions on ordinary shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants

If Gorilla makes distributions of cash or property
on the ordinary shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants, the gross amount of such
distributions (including any amount of foreign taxes withheld) will be treated for U.S. federal income tax purposes first as a dividend
to the extent of Gorilla’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes),
and then as a tax-free return of capital to the extent of the U.S. Holder’s tax basis, with any excess treated as capital gain
from the sale or exchange of the shares. If Gorilla does not provide calculations of its earnings and profits under U.S. federal
income tax principles, a U.S. Holder should expect all cash distributions to be reported as dividends for U.S. federal income
tax purposes. Any dividend will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received
from U.S. corporations.

Subject to the discussion below under “—
Passive Foreign Investment Company Rules,” dividends received by certain non-corporate U.S. Holders (including individuals)
may be “qualified dividend income,” which is taxed at the lower applicable capital gains rate, provided that:

| ● | either                                                                                                                      
 (a) the shares are readily tradable on an established securities market in the United States, or (b) Gorilla is eligible    
 for the benefits of a qualifying income tax treaty with the United States that includes an exchange of information program; |

| ● | Gorilla                                                                                                                          
 is neither a PFIC (as discussed below under below under “— Passive Foreign Investment Company Rules”) nor                        
 treated as such with respect to the U.S. Holder in any taxable year in which the dividend is paid or the preceding taxable year; |

| ● | the                                                            
 U.S. Holder satisfies certain holding period requirements; and |

| ● | the                                                                                                                                     
 U.S. Holder is not under