Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 395

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 395
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 of the foreign currency generally will be U.S.-source ordinary
income or loss.

Passive Foreign Investment Company (PFIC) Rules

Special U.S. federal income
tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes.
In general, a non-U.S. corporation will be classified as a PFIC for any taxable year in which, after applying certain look-through rules,
either:

| ● | at least 75% of its gross income for such taxable year is passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or |

| ● | at least 50% of its gross assets (determined on the basis of a quarterly average) is attributable to assets that produce passive income or are held for the production of passive income. |

We will be treated as owning
our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly
or indirectly, 25% or more (by value) of the equity.

A separate determination must
be made after the close of each taxable year as to whether we are a PFIC for that year. As a result, our PFIC status may change. In particular,
the total value of our assets generally will be calculated using the market price of our Class A Ordinary Shares, which may fluctuate
considerably. Fluctuations in the market price of our Class A Ordinary Shares may result in our being a PFIC for any taxable year.

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Due to the amount of restricted
and unrestricted cash and investments that we had on hand during our year ending December 31, 2024, we believe that we were classified
as a PFIC for that tax year. Depending on the future composition and value of our assets, we may be classified as a PFIC for future years.

If we continue to be classified
as a PFIC, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder (i) takes no action, (ii) makes
an election to treat us as a “Qualified Electing Fund” (a “QEF election”) or (iii) if permitted, makes a “mark-to-market”
election with respect to our Class A Ordinary Shares. A U.S. Holder of our Class A Ordinary Shares will also be required under applicable