Company: GRRR
Filing Date: 2025-07-02
Form Type: 424B5
Source: 0001213900-25-060827
Chunk: 27

Company: Gorilla Technology Group Inc.
Filing Date: 2025-07-02
Form: 424B5
Chunk 27
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 align='center'>S-18</div>

Passive Foreign Investment Company Rules

The treatment of U.S. Holders of the ordinary
shares, pre-funded warrants or ordinary shares received upon exercise of pre-funded warrants could be materially different from that described
above, if Gorilla is treated as a PFIC for U.S. federal income tax purposes. A non-U.S. entity treated as a corporation for
U.S. federal income tax purposes generally will be a PFIC for U.S. federal income tax purposes for any taxable year if either:

| ● | at                                                                
 least 75% of its gross income for such year is passive income; or |

| ● | at                                                                                                                                          
 least 50% of the value of its assets (generally based on an average of the quarterly values of the assets) during such year is attributable 
 to assets that produce passive income or are held for the production of passive income.                                                     |

For this purpose, Gorilla will be treated as owning
its proportionate share of the assets and earning its proportionate share of the income of any other entity treated as a corporation for
U.S. federal income tax purposes in which Gorilla owns, directly or indirectly, 25% or more (by value) of the stock.

Based on the current and anticipated composition
of the income, assets and operations of Gorilla and its subsidiaries, there is no risk Gorilla may be treated as a PFIC for the current
taxable year. However, there can be no assurances in this regard, nor can there be any assurances that Gorilla will not be treated as
a PFIC in any future taxable year. Moreover, the application of the PFIC rules is subject to uncertainty in several respects, and Gorilla
can make no assurances that the IRS will not take a contrary position or that a court will not sustain such a challenge by the IRS.

Whether Gorilla or any of its subsidiaries is
treated as a PFIC is determined on an annual basis. The determination of whether Gorilla or any of its subsidiaries is a PFIC is a factual
determination that depends on, among other things, the composition of Gorilla’s income and assets, and the market value of its and
its subsidiaries’ shares and assets. Changes in the composition of Gorilla’s or any of its subsidiaries’ income or composition
of Gorilla’s or any of its subsidiaries’ assets may cause it to be or become a PFIC for the current or subsequent taxable years.
Under the PFIC