Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 3

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 3
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 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, we believe it is highly unlikely that a holder of the Series L Warrants would pay
an exercise price in cash to receive one Depositary Share when the holder could instead choose the zero cash exercise price 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.

In addition, at 4:01 p.m. Eastern time on
the 5th trading day after the date of issuance, or the First Reset Date, the exercise price of the Series L Warrants will be reset to
a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest daily volume weighted average
price, or VWAP, during the period beginning on the 3rd trading day after the date of issuance and ending on the First Reset Date, and
(b) 50% of most recent NASDAQ Official Close Price preceding execution of the securities purchase agreement, or the Latest NASDAQ Closing
Price, while the number of shares issuable upon exercise will be increased such that the aggregate exercise price of the Series L Warrants
on the issuance date for the Depositary Shares underlying the Series L Warrants then outstanding shall remain unchanged. Subsequently,
at 4:01 p.m. Eastern time on the 10th trading day after the date of issuance, or the Second Reset Date, the exercise price of the Series
L Warrants will be reset to a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest
VWAP during the period beginning on the 8th trading day after the date of issuance and ending on the Second Reset Date, and (b) 30% of
the Latest NASDAQ Closing Price, while the number of shares issuable upon exercise will be increased such that the aggregate exercise
price of the Series L Warrants on the issuance date for the Depositary Shares underlying the Series L Warrants then