Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 3

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 3
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 Shares that would be issuable
upon a cash exercise of the Series L Warrant and (y) one (1). 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 exercise
price” option and pay no cash to receive one Depositary Shares. 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.

<div align='center'>Confidential Treatment Requested by Biodexa Pharmaceuticals PLC

Pursuant to 17 C.F.R. Section 200.83</div>

In
addition, at 4:01 p.m. Eastern time on the 7th 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 5th trading day after the date of issuance
and ending on the First Reset Date, and (b) 40% of most recent NASDAQ Official Close Price preceding execution of the Underwriting Agreement;
and 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 15th 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 13th trading day after the date of issuance and ending on the Second Reset Date, and (b) 20% of the most recent
NASDAQ Official Close Price preceding execution of the Underwriting Agreement; and 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. Any reduction