Company: BDRX
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001214659-25-017719
Chunk: 28

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-08
Form: F-1/A
Chunk 28
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 are listed on a national securities exchange, such as NASDAQ, our Depositary Shares will also likely be subject
to the regulations and restrictions regarding trading in “penny stocks,” which are those securities trading for less than
$5.00 per share, and that are not otherwise exempted from the definition of a penny stock under other exemptions provided for in the applicable
regulations. These penny stock requirements and regulations could severely limit the liquidity of our Depositary Shares in the secondary
market because fewer brokers or dealers would be likely to be willing to undertake related compliance activities to trade in our Depositary
Shares. If our Depositary Shares are not listed on a national securities exchange, the rules and restrictions regarding penny stock transactions
may limit an investor’s ability to sell to a third-party and our trading activity in the secondary market may be reduced. Delisting
from The NASDAQ Capital Market would also likely limit the range and attractiveness of strategic alternatives that we are able to consider,
adversely affect our ability to raise additional capital through the public or private sale of equity securities, significantly affect
the ability of investors to trade our securities, and/or negatively affect the value and liquidity of our Depositary Shares.

We will likely not receive any additional funds upon the exercise of the Series L Warrants.

During the period of 90 calendar days following
the issue date of the Series L Warrants, the Series L Warrants may be exercised by way of a zero cash exercise price option, allowing
the holder of the Series L Warrant the right to receive, without payment of any additional cash to the Company, an aggregate number of
Depositary Shares equal to the product of (x) the aggregate number of Depositary Shares that would be issuable upon a cash exercise of
the Series L Warrant and (y) two (2). Accordingly, it is highly unlikely that a holder of the Series L Warrants would wish to pay an exercise
price in cash to receive one Depositary Share when they could instead choose the zero cash exercise option and pay no cash to receive
up to 15 Depositary Shares if the exercise price decreases to and equals the floor price at the time of such election. As a result, we
will likely not receive any additional funds and do not expect to receive any additional funds upon the exercise of the Series L Warrants.

| 17 |

There is no public market for the warrants being offered in this offering.

The public offering price
for the securities will be determined by negotiations between us, the