Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 156

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 156
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 Series F Warrants exercisable for
$55.00 per Depositary Share, issued on December 21, 2023. Pursuant to the Warrant Agreements, the Holders agreed to exercise the Series
E Warrants and Series F Warrants, as applicable, at a reduced exercise price of $37.50 per Depositary Share; provided that the Warrant
Agreements provide that in the event that any warrant exercise would otherwise cause a holder to exceed the beneficial ownership limitation
set forth in the applicable warrants, we would only issue such number of shares to such holder that would not cause such holder to exceed
the maximum number of shares permitted thereunder, with the balance to be held in abeyance for the benefit of such holder until notice
from such holder that the balance (or portion thereof) may be issued in compliance with such limitation, which abeyance is evidenced through
the warrants which shall be deemed prepaid thereafter (including the payment in full of the exercise price), and exercised pursuant to
a notice of exercise (provided no additional exercise price shall be due and payable). Upon the Closing, we issued 124,182 Depositary
Shares to the Holders, with the remaining 931,585 Depositary Shares remaining unissued but held in abeyance until we receive notice from
the holders that the remaining shares may be issued in compliance with the beneficial ownership limitation. The 37,263 Depositary Shares
held in abeyance were not issued following the warrant exercise as the Warrant Agreements prohibit us from issuing the abeyance shares
because doing so would violate the beneficial ownership limitation contained in the Warrant Agreements. The Warrant Agreements require
that the abeyance shares instead be held in abeyance and evidenced by the existing warrants. Abeyance means being without or waiting for
an owner. Since the exercise price has been paid, but the abeyance shares were not issued and the existing warrants continue to evidence
the right to the abeyance shares, the existing warrants had effectively become a “pre-funded warrant” and the abeyance shares
may only be issued by us to the Holders of the existing warrants if the Holders notify us that the issuance may occur without violation
of the beneficial ownership limitation.

In
consideration for the immediate exercise of the Series E Warrants and/or Series F Warrants for cash, we issued one Series G Warrant for
each Series E Warrant exercised, and one Series H Warrant for