Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 135

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 135
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 or holding period, whichever
is shorter. With certain exceptions, a foreign corporation is treated as a PFIC with respect to a shareholder (or warrant holder, as applicable)
if the corporation was a PFIC with respect to such holder at any time during the holder’s holding period of the foreign corporation’s
stock or warrants. Dividends paid to with respect to shares of a PFIC are not eligible for the special tax rates applicable to qualified
dividend income of certain non-corporate holders. Instead, such dividend income is taxable at rates applicable to ordinary income.

If we were to be
treated as a PFIC, the tax consequences described above could be avoided by a “mark-to-market” election with respect to the
Depositary Shares. A U.S. holder making a “mark-to-market” election (assuming the requirements for such an election are satisfied)
generally would (i) be required to include as ordinary income the excess of the fair market value of the Depositary Shares on the last
day of the U.S. holder’s taxable year over the U.S. holder’s adjusted tax basis in such Depositary Shares and (ii) be allowed
a deduction in an amount equal to the lesser of (A) the excess, if any, of the U.S. holder’s adjusted tax basis in the Depositary
Shares over the fair market value of such Depositary Shares on the last day of the U.S. holder’s taxable year or (B) the excess,
if any, of the amount included in income because of the election for prior taxable years over the amount allowed as a deduction because
of the election for prior taxable years. In addition, upon a sale or other taxable disposition of Depositary Shares, a U.S. holder would
recognize ordinary income or loss (which loss could not be in excess of the amount included in income because of the election for prior
taxable years over the amount allowed as a deduction because of the election for prior taxable years). If we were to be treated as a PFIC,
different rules would apply to a U.S. holder making a QEF election with respect to Depositary Shares. However, we do not intend to prepare
or provide the information necessary for U.S. holders to make a QEF election.

If we are a PFIC
for any taxable year during which a U.S. Holder holds the Depositary Shares, the Pre-Funded Warrants, or the Series L Warrants,
each such U.S. Holder generally will be