Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 22

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 22
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financial condition, operating results and cash flow.

The liquidity and trading volume of our Depositary Shares could be low.

The liquidity and trading
volume of our Depositary Shares has at times been low in the past and could again be low in the future. If the liquidity and trading volume
of our Depositary Shares is low, this could adversely impact the trading price of our shares, our ability to issue stock and our stockholders’
ability to obtain liquidity in their shares.

We are selling a substantial number of Depositary Shares in this offering, which could cause the price of our Depositary Shares to decline.

In this offering, we are offering
an aggregate of Depositary Shares, Pre-Funded Warrants and Series L Warrants exercisable for Depositary Shares. The existence of the potential
additional Depositary Shares in the public market, or the perception that such additional Depositary Shares may be in the market, could
adversely affect the price of our Depositary Shares. We cannot predict the effect, if any, that market sales of those Depositary Shares
or the availability of those Depositary Shares for sale will have on the market price of our Depositary Shares.

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

The
Series L Warrants may be exercised by way of a “zero exercise price” option, in which case the holder would not pay a cash
purchase price upon exercise, but instead would receive upon such exercise the aggregate number of Depositary Shares that would be issuable
upon a cash exercise of the number of Series L Warrants being exercised multiplied by one. Accordingly, we will likely not receive any
additional funds upon the exercise of the Series L Warrants.

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 underwriters and prospective investors, and may not be indicative
of prices that will prevail in the trading market. We do not intend to apply to list the warrants on NASDAQ or any nationally recognized
trading system, and accordingly, there will be no trading market for such warrants. In the absence of an active public trading market:

| · | you may not be able to resell your securities at or above the public offering price; |

| · | the market price of our Depositary Shares may experience more price volatility; and |

| 13 |

| · | there may be less efficiency in carrying out your purchase and sale orders.