Company: BDRX
Filing Date: 2025-12-11
Form Type: F-1/A
Source: 0001214659-25-017944
Chunk: 23

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-11
Form: F-1/A
Chunk 23
---
 a fixed price.

The Series L Warrants may not have value.

The
Series L Warrants being offered by us in this offering will have an initial exercise price
of 100% of the public offering price of each Unit in this offering, and expire on the —five-year
anniversary of the initial exercise date. In the event that our Depositary Shares do not
exceed the exercise price of the Series L Warrants during the period when such warrants are
exercisable, such warrants may not have any value.

The terms of the warrants could impede our ability to enter into certain transactions or obtain additional financing.

The terms of the warrants
require us, upon the consummation of any “fundamental transaction” (as defined in the securities), to, among other obligations,
cause any successor entity resulting from the fundamental transaction to assume all of our obligations under the warrants and the associated
transaction documents. In addition, holders of warrants are entitled to participate in any fundamental transaction on an as-converted
or as-exercised basis, which could result in the holders of our Depositary Shares receiving a lesser portion of the consideration from
a fundamental transaction. The terms of the warrants could also impede our ability to enter into certain transactions or obtain additional
financing in the future.

We may be required to repurchase our Series L Warrants.

Under the terms of the Series
L Warrants, in the event of certain “Fundamental Transactions” (as defined in the related warrant agreement, which generally
includes any merger with another entity, the sale, transfer or other disposition of all or substantially all of our assets to another
entity, or the acquisition by a person of more than 50% of our Ordinary Shares), each warrant holder will have the right at any time prior
to the consummation of the Fundamental Transaction to require us to repurchase the warrant for a purchase price in cash equal to the Black
Scholes value (as calculated under the warrant agreement) of the then remaining unexercised portion of such warrant on the date of such
Fundamental Transaction, which may materially adversely affect our financial condition and/or results of operations and may prevent or
deter a third party from acquiring us.

| 16 |

<div align='center'>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

This prospectus contains forward-looking
statements that are based on our management’s beliefs and assumptions and on information currently available. This section should
be read in conjunction with