Company: SPPL
Filing Date: 2025-04-08
Form Type: 20-F
Source: 0001641172-25-003217
Chunk: 28

Company: SIMPPLE LTD.
Filing Date: 2025-04-08
Form: 20-F
Item: Item 3
Chunk 28
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 reporting
and other expenses in order to maintain a listing on a U. S. securities exchange.

There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U. S. federal income tax purposes for any taxable
year, which could result in adverse U. S. federal income tax consequences to U. S. holders of our Ordinary Shares.

A
non-U. S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain
types of “passive” income; or (ii) at least 50% of the value of its assets (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,
or the asset test. Based on our current and expected income and assets, we do not presently expect to be a PFIC for the current taxable
year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or will
become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets.
In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would
not successfully challenge our position. Fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the
current or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference
to the market price of our Ordinary Shares. If we were to be or become a PFIC for any taxable year during which a U. S. Holder holds our
Ordinary Shares, certain adverse U. S. federal income tax consequences could apply to such U. S. Holder. See “ Taxation - Passive
Foreign Investment Company Consequences.”

We
are incorporated under the laws of the Cayman Islands and conduct substantially all of our operations, and all of our directors and executive
officers reside, outside of the United States. Our Shareholders may have more difficulty in protecting their interests than they would
as shareholders of a corporation incorporated in the United States.

We
are a Cayman Islands exempted company, and our corporate affairs are governed by our memorandum and articles of association, the Companies
Act and the common law of the