Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 32

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 32
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 do sell Depositary Shares to the Selling Shareholder,
after the Selling Shareholder has acquired Depositary Shares, the Selling Shareholder may resell all, some or none of Depositary Shares
at any time or from time to time in its discretion and at different prices. Therefore, sales to the Selling Shareholder by us could result
in substantial dilution to the interests of other holders of Depositary Shares. In addition, if we sell a substantial number of shares
of our Depositary Shares to the Selling Shareholder under the Purchase Agreement, or if investors expect that we will do so, the shares
held by the Selling Shareholder will represent a significant portion of our public float and may result in substantial decreases to the
price of our Depositary Shares. The actual sales of Depositary Shares or the mere existence of our arrangement with the Selling Shareholder
may also make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might
otherwise wish to effect such sales.

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In addition, Depositary Shares
issuable upon exercise or vesting of incentive awards under our incentive plans are, once issued, eligible for sale in the public market,
subject to any lock-up agreements and, in some cases, limitations on volume and manner of sale applicable to affiliates under Rule 144.
Furthermore, Depositary Shares reserved for future issuance under our incentive plan may become available for sale in future.

As of January 15, 2025, we
also had 770,026 outstanding warrants (including pre-funded warrants) exercisable for 7,700,260,000 Ordinary Shares (represented by Depositary
Shares) with a weighted-average exercise price of $38.42 per Depositary Share. The Depositary Shares underlying such warrants will, upon
issuance, be freely tradeable without restriction or further registration under the Securities Act.

The market price of Depositary
Shares could drop significantly if the holders described above sell or are perceived by the market as intending to sell. These factors
could also make it more difficult for us to raise additional funds through future offerings of shares of our Depositary Shares or other
securities.

Risks Related to Our Financial Operations and Capital Needs

We have incurred significant losses since our inception and anticipate that we will continue to incur losses in the future.

We are an early-stage biopharmaceutical
company. Investment in biopharmaceutical product development is highly speculative because we entail substantial upfront capital expenditures
and significant