Company: BDRX
Filing Date: 2025-12-11
Form Type: F-1/A
Source: 0001214659-25-017944
Chunk: 26

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-11
Form: F-1/A
Chunk 26
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 broad discretion in the application of the net proceeds, and investors
will be relying on our management’s judgment regarding the application of the net proceeds of this offering.

Pending the application of
the net proceeds as described above, we will hold the net proceeds from this offering in short-term, interest-bearing, securities.

| 18 |

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

Since inception, we have never
declared or paid any cash dividends on our Ordinary Shares and do not anticipate paying any cash dividends on our Ordinary Shares or the
Depositary Shares in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and
expansion of our business. As a result, investors in the Ordinary Shares and Depositary Shares will benefit in the foreseeable future
only if the Ordinary Shares and Depositary Shares appreciate in value.

Any determination to pay dividends
in the future would be at the discretion of our Board of Directors and will depend upon our results of operations, cash requirements,
financial condition, contractual restrictions, and any future debt agreements and is subject to compliance with applicable laws, including
the Companies Act 2006 (as amended from time to time) of the United Kingdom, or the Companies Act, which requires English companies to
have profits available for distribution equal to or greater than the amount of the proposed dividend.

| 19 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth
our capitalization as of June 30, 2025:

| · | on an actual basis; |

| · | on                                                                                                
 a pro forma basis to give effect to the sale and issuance, subsequent to June 30, 2025 through    
 the date of this registration statement, of 6,226,400,000 Ordinary Shares pursuant to the         
 terms of that certain a securities purchase agreement dated January 17, 2025, or ELOC, with       
 newly formed C/M Capital Master Fund LP, or the Investor, including 46,400,000 Ordinary Shares    
 to the Investor in satisfaction of a commitment fee, resulting in $0.4 million in gross proceeds; 
 and                                                                                               |

| · | on                                                                                         
 a pro forma as-adjusted basis to give further effect to the sale by us of 4,422,604 Units  
 in this offering at an assumed combined public offering price of $4.07 per Unit, assuming  
 (i) no sale of any Pre-Funded Units and (ii) no exercise of