Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 39

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 39
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 receiving any commensurate benefit. Significant management attention and resources
will be required to operate the two companies. Delays in this process could adversely affect the combined company’s business, financial
results, financial condition and share price following the Merger. Even if the combined company were able to operate the two businesses
successfully, there can be no assurance that this operation will result in the realization of the full benefits of synergies, innovation
and operational efficiencies that may be possible from this integration and that these benefits will be achieved within a reasonable period
of time.

During the pendency of the Merger, Aptorum and DiamiR will be subject to contractual limitations set forth in the Merger Agreement that restrict the parties’ ability to enter into business combination transactions with another party.

Covenants in the Merger Agreement
impede the ability of Aptorum or DiamiR to make acquisitions or complete other transactions that are not in the ordinary course of business
pending completion of the Merger. As a result, if the Merger is not completed, the parties may be at a disadvantage to their competitors.
In addition, while the Merger Agreement is in effect and subject to limited exceptions, each party is prohibited from soliciting, initiating,
encouraging or taking actions designed to facilitate any inquiries or the making of any proposal or offer that could lead to the entering
into certain extraordinary transactions with any third party, such as a sale of assets, an acquisition of Aptorum’s securities,
a tender offer for Aptorum’s securities, a Merger or other business combination outside the ordinary course of business. Any such
transactions could be favorable to such party’s shareholders.

Certain provisions of the Merger Agreement may discourage third parties from submitting alternative takeover proposals, including proposals that may be superior to the arrangements contemplated by the Merger Agreement.

The terms of the Merger Agreement
prohibit each of Aptorum and DiamiR from soliciting alternative takeover proposals or cooperating with persons making unsolicited takeover
proposals. Because the lack of a public market for DiamiR shares makes it difficult to evaluate the fairness of the Merger, the shareholders
of DiamiR may receive consideration in the Merger that is less than the fair market value of the DiamiR shares.

Aptorum and DiamiR may become involved in securities litigation or shareholder derivative litigation in connection with the Merger, and this could divert the attention of Aptorum and DiamiR management and harm the combined company’s business, and insurance coverage may not be