Company: RDPTF
Filing Date: 2025-09-18
Form Type: 20-F
Source: 0001213900-25-088699
Chunk: 29

Company: Radiopharm Theranostics Ltd
Filing Date: 2025-09-18
Form: 20-F
Item: Item 3
Chunk 29
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 of the SEC and ASX, it may not be feasible for us to comply with the SEC’s reporting requirements for U. S. companies
in the event Radiopharm were to cease being an “emerging growth company” and have aggregate worldwide market value of
our voting equity held by non-affiliates exceeding US$75 million.

In such event, we could be
obligated to incur significant compliance costs (which the SEC estimated to be US$210,000 per annum in 2019) and administrative burden
given our limited number of personnel. If such costs were to become too significant, we could reconsider our listing on Nasdaq because,
as the SEC has acknowledged, the savings for a small company could be put to more productive use such as developing the company.

Our issuance of additional ordinary shares
in connection with financings, acquisitions, investments, or otherwise will dilute all other ADS holders.

In March 2023, we acquired
Pharma15 Corporation and, under the terms of the acquisition agreement, we agreed to pay a contingent consideration of US$2.3 million
that can be satisfied through the issuance of up to 47,000,000 ordinary shares of Radiopharm without shareholder approval. When we pay
the contingent consideration by issuing our ordinary shares, then our shareholders and ADS holders will be diluted.

In March 2025, Radiopharm
signed an amendment with Diaprost and Fredax to increase the payment of Milestone Event 4 to US$12,500,000 which US$11,750,000 will be
payable in cash and US$750,000 will be payable in shares of Radiopharm. The share payment will result in out shareholders and ADS holders
being diluted.

In addition, we may raise
capital through equity financings in the future. As part of our business strategy, we may acquire or make investments in complementary
companies, products, or technologies and issue equity securities to pay for any such acquisition or investment. While we will be subject
to the constraints of the ASX Listing Rules regarding the percentage of our capital that we are able to issue within a 12-month period
(subject to applicable exceptions), any such issuances of additional ordinary shares may cause ADS holders to experience significant dilution
of their ownership interests and the per ADS value of our ADSs to decline.

As long as we remain subject to the rules
of the ASX, we may be unable to conduct certain types of capital raisings without shareholder approval if