Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 14

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 14
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,
we shall be obligated to utilize 25% of the gross proceeds of such offering to prepay the Note.

The Note contains customary
representations and warranties by us and provides for certain customary events of default. Generally, if an event of default occurs and
is continuing under the Note, the holder thereof may require us to repay all amount due under the Note, including accrued and unpaid interest,
immediately.

We received the $540,000 pursuant
to the Note on December 24, 2024.

Regained Compliance with NASDAQ

Our Depositary Shares are currently listed on the NASDAQ Capital Market. We are required to meet certain qualitative and financial tests to maintain the listing of the Depositary Shares on the NASDAQ Capital Market. On August 27, 2024, we received aStaff Determination
Letter, or the Letter, from the Listing Qualifications Department of The Nasdaq Stock Market LLC, or NASDAQ, notifying us of the Staff’s
determination to delist our securities from the NASDAQ Capital Market because our securities had a closing bid price below $1.00 for 30
consecutive business days, which triggered a notice of delisting pursuant to NASDAQ Listing Rule 5550(a)(2), or the Minimum Bid Price
Requirement. Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Minimum Bid Price Requirement.
However, pursuant to NASDAQ Listing Rule 5810(c)(3)(A)(iv), we were not eligible for any compliance period specified in Rule 5810(c)(3)(A)
because we effected reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. Accordingly,
and as described in the Letter, unless we timely requested a hearing before a Hearings Panel, or the Panel, our securities would be subject
to suspension/delisting. We requested a hearing, which automatically stayed any suspension or delisting action pending the hearing and
the expiration of any additional extension period granted by the Panel following the hearing.

On October 14, 2024, the Panel
granted our request for an extension of time to demonstrate compliance with the Minimum Bid Price Requirement. On November 7, 2024, we
were formally notified that the Hearings Panel determined that we had regained compliance with the Minimum Bid Price Requirement. We remain
subject to a discretionary panel monitor through February 24, 2025, and we are required to provide prompt notification during this exception