Company: BDRX
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001214659-25-017719
Chunk: 136

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-08
Form: F-1/A
Chunk 136
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 your particular circumstances as well as the state, local, non-United States and other tax consequences of the purchase, ownership and disposition of the Depositary Shares, the Pre-Funded Warrants, and the Series L Warrants.

Pre-Funded Warrants

Although it is not entirely
free from doubt, a Pre-Funded Warrant should be treated as the underlying Depositary Share, which generally will be treated
as a U.S. Holder owning the underlying Ordinary Share represented by such Depositary Share for U.S. federal income tax purposes and a
U.S. Holder of a Pre-Funded Warrant should generally be taxed in the same manner as a U.S. Holder of such an Depositary Share,
as described below. Accordingly, no gain or loss should be recognized (other than with respect to cash paid in lieu of a fractional share)
upon the exercise of a Pre-Funded Warrant and, upon exercise, the holding period of a Pre-Funded Warrant should carry
over to the Depositary Share received. Similarly, the tax basis of the Pre-Funded Warrant should carry over to the Depositary
Share received upon exercise, increased by the exercise price per Depositary Share. If a Pre-Funded Warrant expires without
being exercised, the U.S. Holder thereof should recognize a capital loss in an amount equal to such U.S. Holder’s tax basis in the Pre-Funded Warrant.
This loss will be long-term capital loss if, at the time of the expiration, the U.S. Holder’s holding period in the Pre-Funded Warrant
is longer than one year. The deductibility of capital losses is subject to limitations. In addition, a U.S. Holder may, in its discretion,
elect to undertake a cashless exercise of the Pre-Funded Warrants into Depositary Shares. The United States federal income tax
treatment of a cashless exercise of Pre-Funded Warrants into Depositary Shares is unclear, and the tax consequences of a cashless
exercise could differ from the consequences upon the exercise of a Pre-Funded Warrant described in this paragraph. U.S. Holders
should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of Pre-Funded Warrants.

However, characterizing Pre-Funded Warrants
as Depositary Shares for United States federal income tax purposes is not binding on the United States Internal Revenue Service, or IRS,
and the IRS may treat our Pre-Funded Warrants as warrants to acquire our