Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 19

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 19
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arrant exercises which will result in severe dilution, could adversely affect the market price of our Depositary Shares.

The public offering price will be substantially higher than the net tangible book value per share of our outstanding Depositary Shares. As a result, investors in this offering will incur immediate dilution of $ per Depositary Share based on the assumed public offering price of $ per Unit. Investors in this offering will pay a price per Unit that substantially exceeds the book value of our assets after subtracting our liabilities. See “ Dilution” for a more complete description of how the value of your investment will be diluted upon the completion of this offering.

Additionally,
under the “zero exercise price” option of the Series L Warrants, during the period of 90 calendar days following the issue
date of the Series L Warrants, a holder of the Series L Warrant has the right to receive, without payment of any additional cash to the
Company, an aggregate number of Depositary Sharesequal to the product of (x) the aggregate
number of Depositary Sharesthat would be issuable upon a cash exercise of the Series L Warrant
and (y) one (1). The Series L Warrants also include exercise price reset provisions, which could result in the issuance of a significantly
higher number of shares upon exercise. At 4:01 p.m. Eastern time on the First Reset Date, the exercise price of the Series L Warrants
will be reset to a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest VWAP during
the period beginning on the 5th trading day after the date of issuance and ending on the First Reset Date, and (b) 40% of most recent
NASDAQ Official Close Price preceding execution of the Underwriting Agreement; and the number of Depositary Shares issuable upon exercise will be increased such that the aggregate exercise price of the Series L Warrants on the issuance
date for the Depositary Sharesunderlying the Series L Warrants then outstanding shall remain
unchanged. Subsequently, at 4:01 p.m. Eastern time on the Second Reset Date, the exercise price of the Series L Warrants will be reset
to a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest VWAP during the period
beginning on the 13th trading day after the date