Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 443

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 443
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 the Company’s securities at the lowest per unit price for securities sold to third parties in the next equity financing.

In addition, the Notes are due upon demand at the option of the holder when there is a liquidation event, which shall include:

| (i) | The                                                                                                                                          
 closing of the sale, lease, transfer or other disposition of all or substantially all of the assets of Company or the grant of any exclusive 
 license to any material portion of the Company’s intellectual property;                                                                      |

| (ii) | The                                                                                                                                    
 consummation of the merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the  
 holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold, directly or indirectly, at 
 least fifty percent (50%) of the voting power of the capital stock of the Company or the surviving or acquiring entity);               |

| (iii) | The                                                                                                                                   
 closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a 
 person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities            
 if, after such closing, such person or group of affiliated persons would hold, directly or indirectly, fifty percent (50%) or more of 
 the outstanding voting stock of the Company (or the surviving or acquiring entity);                                                   |

| (iv) | An                                                                              
 initial public offering of securities by Company or one of its subsidiaries; or |

| (v) | A                                                      
 liquidation, dissolution or winding up of the Company. |

The Company estimates that the nominal interest rate on the Notes is less than rates that may be obtained from third parties. The Company has recorded discounts on the Notes, calculated at an estimated effective rate of 10%, as an addition to paid-in capital. Unamortized discounts presented as a deduction from the face amount of the Notes amounted to $96,332 and $105,178 as of May 31, 2025 and 2024, respectively.

See Note 16 “Subsequent Events” regarding the Company’s definitive merger agreement.

Interest expense

Interest expense consists of the following in the years ended May 31:

|                          |     |   |   2025 |     |   |   2024 |
|:-------------------------|:----|:--|-------:|:----|:--|-------:|
| Interest on notes        |     | $ |