Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 166

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 166
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ifferently than as described in this prospectus. Pending its use of the net proceeds from this offering, the Company intends to invest
the net proceeds in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments,
and U.S. government securities.

<div align='center'>DIVIDEND POLICY</div>

The Company has never declared or paid cash dividends to its shareholders,
and we do not intend to pay cash dividends in the foreseeable future. The Company intends to reinvest any earnings in developing and expanding
our business. Any future determination relating to the Company’s dividend policy will be at the discretion of our Board of Directors
and will depend on a number of factors, including future earnings, the Company’s financial condition, operating results, contractual
restrictions, capital requirements, business prospects, the Company’s strategic goals and plans to expand the Company’s business,
applicable law and other factors that the Company’s Board of Directors may deem relevant.

Under Cayman Islands law, dividends may be declared and paid only out
of funds legally available therefor, namely out of either profit or our share premium account, and provided further that a dividend may
not be paid if this would result in theCompany being unable to pay its debts as they fall due in the ordinary course of business.

(See “Risk Factors –
We have not paid dividends in the past and do not expect to pay dividends in the future, and any return on investment may be limited to
the value of our shares” and “Description of Share Capital – Dividends”)

<div align='center'>80

CAPITALIZATION</div>

The following table sets forth Aptorum’s
capitalization as of December 31, 2024:

| ● | on an actual basis; |

| ● | on a pro forma as adjusted basis, giving effect to (i) the issuance and                                                               
 sale of $ shares of Aptorum’s Class A Ordinary Shares in this offering at an assumed public offering price of $[   ]                  
 per share, which is the last reported sales price of Aptorum’s Class A Ordinary Shares on the Nasdaq Capital Market on [  ],          
 2025, after deducting the estimated placement agent fees and estimated offering expenses payable by Aptorum; and (ii) the issuance of 
 an estimated shares of Aptorum Delaware’s Class A Ordinary Shares at the Merger Closing and (ii) the issuance of an estimated         
 shares of Aptorum’s Class A Ordinary Shares assuming conversion of an estimated