In theory, anything is possible, because PDFs could be seen as just a collection of pictures... If you make 5 screenshots and join them together, you get a PDF file, but there are bound to be automatic converters, too.
In practice, most people struggle with the opposite direction, trying to convert from PDF files (which are unsuitable for reading electronic books) into EPUB files (which are ideal for reading electronic books). I agree, though, that it's often easier to mark up a PDF file than an EPUB file, because you can freely scribble over a PDF file in apps like neu.Annotate.
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