Company: BDRX
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001214659-25-017719
Chunk: 23

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-08
Form: F-1/A
Chunk 23
---
 lower that the stock price of our Depositary Shares is on the First Reset Date and Second Reset Date, as applicable, the more shares
that will be issuable pursuant to the Series L Warrants as a result of the each reset, subject to the floor price of 50% of the Latest
NASDAQ Closing Price on the First Reset Date, and 30% of the Latest NASDAQ Closing Price on the Second Reset Date.

We
are registering 5,923,377,900,000Ordinary Shares
(in the form of Depositary Shares) under this prospectus, including 5,304,517,500,000 Ordinary
Shares (in the form of Depositary Shares) issuable if the holders of the Series L Warrants
elect the zero cash exercise price option at the floor price. As of December 1, 2025, there
were 68,178,708,922 Ordinary Shares (representing Depositary Shares) outstanding. If all
of the Ordinary Shares offered under this prospectus were issued and outstanding as of December
1, 2025, such shares would represent approximately 98.9% of total number of Ordinary Shares
issued and outstanding.

Furthermore, the market price of our Depositary Sharescould decline as a result of actual or anticipated future issuances, including the issuance of shares from Series L Warrant
exercises, which will result in substantial dilution to existing shareholders. The existence of the potential additional Depositary Shares
in the public market or the perception of potential dilution from future issuances could depress the market price of our Depositary Shares
and could impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect, if any,
that market sales of those Depositary Shares or the availability of those Depositary Shares for sale will have on the market price of
our Depositary Shares.

| 14 |

You may experience future dilution as a result of future equity offerings.

In order to raise additional
capital, we may in the future offer additional Depositary Shares or other securities convertible into or exchangeable for our Depositary
Shares at prices that may not be the same as the price per share in this offering. We may sell Depositary Shares or other securities in
any other offering at a price per Depositary Share that is less than the price per Depositary Share paid by any investors in this offering,
and investors purchasing shares or other securities in the future could have rights superior to existing Depositary Share holders and