Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 16

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 16
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 Warrants, issued on December 21, 2023. Pursuant to the Warrant Agreements, the Holders agreed to exercise the Series E Warrants
and Series F Warrants, as applicable, at a reduced exercise price of $37.50 per Depositary Share; provided that the Warrant Agreements
provide that in the event that any warrant exercise would otherwise cause a holder to exceed the beneficial ownership limitation set forth
in the applicable warrants, we would only issue such number of shares to such holder that would not cause such holder to exceed the maximum
number of shares permitted thereunder, with the balance to be held in abeyance for the benefit of such holder until notice from such holder
that the balance (or portion thereof) may be issued in compliance with such limitation, which abeyance is evidenced through the warrants
which shall be deemed prepaid thereafter (including the payment in full of the exercise price), and exercised pursuant to a notice of
exercise (provided no additional exercise price shall be due and payable). Upon closing of the transaction on May 24, 2024, or the Closing,
we issued 124,182 Depositary Shares to the Holders, with the remaining 931,585 Depositary Shares remaining unissued but held in abeyance
until we receive notice from the holders that the remaining shares may be issued in compliance with the beneficial ownership limitation.
The 37,263 Depositary Shares held in abeyance were not issued following the warrant exercise as the Warrant Agreements prohibit us from
issuing the abeyance shares because doing so would violate the beneficial ownership limitation contained in the Warrant Agreements. The
Warrant Agreements require that the abeyance shares instead be held in abeyance and evidenced by the existing warrants. Abeyance means
being without or waiting for an owner. Since the exercise price has been paid, but the abeyance shares were not issued and the existing
warrants continue to evidence the right to the abeyance shares, the existing warrants had effectively become a “pre-funded warrant”
and the abeyance shares may only be issued by us to the Holders of the existing warrants if the Holders notify us that the issuance may
occur without violation of the beneficial ownership limitation.

In
consideration for the immediate exercise of the Series E Warrants and/or Series F Warrants for cash, we issued one replacement warrant
for each Series E Warrant exercised, or the Series G Warrants, and one