Company: BDRX
Filing Date: 2025-05-08
Form Type: POS AM
Source: 0001214659-25-007201
Chunk: 98

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-08
Form: POS AM
Chunk 98
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 Shares or warrants. In addition, the discussion does not address tax consequences to an entity
or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes that holds Depositary Shares
or warrants, or a partner in or owner of such partnership or other pass-through entity. The United States federal income tax treatment
of each partner of such partnership or owner of such pass-through entity generally will depend upon the status of the partner or
owner and the activities of the partnership or other pass-through entity. Prospective purchasers that are partners in a partnership or
owners of a pass-through entity holding Depositary Shares or warrants are urged to consult their own tax advisers.

The discussion below of theUnited States federal income tax consequences to “U.S. Holders” will apply to an investor that is a beneficial owner ofDepositary Shares or warrants and that is, forUnited States federal income tax purposes:

| · | an individual who is a citizen or resident of the United States; |

| · | a corporation (or other entity taxable as a corporation for United States federal income tax purposes)                                     
 that is created or organized in the United States or under the laws of the United States or any state thereof or the District of Columbia; |

| · | an estate the income of which is subject to United States federal income taxation regardless of its source; 
 or                                                                                                          |

| · | any trust if (a) a court within the United States is able to exercise primary supervision over the administration                          
 of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or (b) such trust 
 has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.                |

| 65 |

For U.S. federal income tax purposes, a beneficial owner ofDepositary Shares generally will be treated as the owner of the underlying Ordinary Shares represented by suchDepositary Shares. Accordingly, deposits or withdrawals of the underlying Ordinary Shares forDepositary Shares generally will not be subject toUnited States federal income tax. The discussion below assumes that the representations contained in the deposit agreement are true and that the obligations in the deposit agreement and any related agreement will be complied with in accordance with their terms. TheUnited States Treasury has expressed concerns that parties to whomDepositary Shares are released before shares are delivered to the depositary or intermediaries in the chain of ownership between the U.S. Holder of a Depositary Share and the issuer of the
security underlying the Depositary