Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 396

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 396
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October 2019 warrants

In October 2019 the
Company issued 392 ADS warrants as part of a registered direct offering in the US.

May 2020 and October 2019 warrant re-price

On 13 December 2022
the Company entered into a Securities Purchase Agreement with Armistice Capital Master Fund Ltd (‘Armistice’) to re-price
previously issued ADS warrants issued to Armistice to $320 per ADS. The impact of the re-pricing is shown in the table below: The warrant
exercise price per ADS for the remaining warrants remains unchanged as follows: October 2019 warrants at $10,000 per ADS; May 2020 warrants
at $3,280 and $3,300 per ADS.

| Schedule of warrant exercise price |                      |                    |                   |                      |
|                                    | ADS Warrants Number* | Original price per 
               ADS* | New price per ADS |  Equivalent Ordinary 
 Shares (400 ordinary 
      shares per ADS) 
               Number |
| October 2019 warrants              |                  375 |            $10,000 |              $320 |              150,000 |
| May 2020  warrants                 |                  406 |             $3,280 |              $320 |              162,400 |

| * | Number and original                                                                                                                
 price of warrants have been adjusted to reflect the share consolidation and ratio change of ADS’s to ordinary shares that occurred 
 on 2 March 2020 and 24 March 2023 and the ratio change of ADS’s to ordinary shares on 26 September 2022 and 5 July 2023.           |

| F-58 |

| 18 | Derivative financial liability – current (continued) |

DARA warrants and share options

The Group also assumed
fully vested warrants and share options on the acquisition of DARA Biosciences, Inc. (which took place in 2015). The number of ordinary
shares to be issued when exercised is fixed, however the exercise prices are denominated in US Dollars. The warrants are classified equity
settled derivative financial liabilities and accounted for in the same way as those detailed above. The financial liability is valued
using the Black-Scholes option pricing model. The exercise price of the outstanding options is $1,903.40.

The following table
details the outstanding warrants over ADSs and ordinary shares as at 31 December and also the movement in the year:

| Schedule of warrants outstanding |     |