Company: APM
Filing Date: 2025-10-14
Form Type: 424B5
Source: 0001213900-25-098635
Chunk: 96

Company: Aptorum Group Ltd
Filing Date: 2025-10-14
Form: 424B5
Chunk 96
---
 exercise, including the right to vote or
to receive any payments of dividends or payments upon our liquidation, dissolution or winding up on the Class A Ordinary Shares or preferred
shares purchasable upon exercise, if any.

Outstanding Warrants

As of the date of this prospectus,
there are 3,482,715 outstanding warrants to purchase Class A Ordinary Shares.

<div align='center'>14

Description of Selling Shareholders Warrants</div>

The initial exercise price
of the Selling Shareholder Warrants was $7.40 per share. However, on August 27, 2020, the Company entered into certain warrant exchange agreements
(the “Purchaser Exchange Agreements”) with two of the non-affiliated warrant holders to purchase Class A Ordinary Shares of
the Company (the “Purchaser Warrant Exchange”). Since not all of the purchasers of the Warrant Offering participated
in the Purchaser Warrant Exchange, the exercise prices of their respective warrants, including the Selling Shareholder Warrants was reduced
to a nominal amount pursuant to the anti-dilution provisions in such warrants.

The Selling Shareholder Warrants
may be exercised for cash or, if there is no effective registration statement covering the resale of the Ordinary Shares issuable upon
exercise of the Selling Shareholder Warrants, by cashless exercise.

A holder may not exercise
any of the Selling Shareholder Warrants, and the Company may not issue Ordinary Shares upon exercise of any of the Warrants if, after
giving effect to the exercise, a holder together with its “attribution parties,” would beneficially own in excess of 4.99%,
of the outstanding Ordinary Shares. At each holder’s option, the cap may be increased or decrease to any other percentage not in
excess of 9.99%, except that any increase will not be effective until the 61st day after notice to the Company. Such increase or decrease
in each holder’s cap will apply only to that holder and its “attribution parties,” and not to any other holder than
is not an “attribution party” of such holder.

The Selling Shareholder Warrants
will prohibit the Company from entering into transactions constituting a Fundamental Transaction (as defined in the Selling Shareholder
Warrants) unless the successor entity assumes all of the Company’s obligations under the Selling Shareholder Warrants and the other
transaction documents in a written agreement approved by the Required Holders (as defined in the Selling Shareholder Warrants). The