Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 115

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 115
---
the 60th day after our notice of removal was first provided to the depositary. Notwithstanding anything to the contrary in the Deposit
Agreement, the depositary may terminate the Deposit Agreement (a) without notifying us, but subject to giving thirty (30) days’
notice to the ADR holders, under the following circumstances: (i) in the event of our bankruptcy, liquidation proceedings or insolvency,
(ii) if our Depositary Shares are delisted from a “national securities exchange” (that has registered with the Commission
under Section 6 of the Securities Exchange Act of 1934, as amended), (iii) if we effect (or will effect) a redemption of all or substantially
all of the deposited securities, or a cash or share distribution representing a return of all or substantially all of the value of the
deposited securities, (iv) there are no deposited securities with respect to Depositary Shares remaining, including if the deposited securities
are cancelled, or the deposit securities have been deemed to have no value, or (v) there occurs a merger, consolidation, sale of assets
or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of deposited securities,
and (b) immediately without prior notice to the Company, any ADR holder or beneficial owner or any other person if (i) required by any
law, rule or regulation relating to sanctions by any governmental authority or body, (ii) the depositary would be subject to liability
under or pursuant to any law, rule or regulation, or (iii) required by any governmental authority or body, in each case under (b) as determined
by the depositary in its reasonable discretion.

If our Ordinary Shares are
not listed and publicly traded on a stock exchange or in a securities market as of the date so fixed for termination or if, for any reason,
the depositary does not sell the deposited securities, then after such date fixed for termination, the depositary shall use its reasonable
efforts to ensure that the Depositary Shares cease to be eligible for settlement within DTC and that neither DTC nor any of its nominees
shall thereafter be an ADR holder. At such time as the Depositary Shares cease to be DTC eligible and/or neither DTC nor any of its nominees
is an ADR holder, to the extent we are not, to the depositary’s knowledge, insolvent or in bankruptcy or liquidation, the depositary
shall (A