Company: TLSA
Filing Date: 2025-03-24
Form Type: F-3
Source: 0001013762-25-001691
Chunk: 60

Company: Tiziana Life Sciences Ltd
Filing Date: 2025-03-24
Form: F-3
Chunk 60
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 and the pro forma net tangible book value per common share after this offering.

Our historical net tangible book value as of June 30, 2024, was approximately $1.9 million, corresponding to a net tangible book value of $0.02 per common share, as of such date. We calculate our historical net tangible book value per share or per common share by taking the amount of our total tangible assets, subtracting the amount of our total liabilities, and then dividing the difference by the actual total number of common shares outstanding.

After giving effect on a pro forma basis to (i) the receipt of $3.4 million in non-dilutive funding in July 2024, (ii) the receipt of gross proceeds of $5.0 million from the sale of sale of 5,263,158 common shares at a purchase price of $0.95 per share pursuant to a registered direct offering and (iii) the receipt of $6.4 million from the sale of 5,385,115 common shares under the Sales Agreement, our pro forma net tangible book value as of June 30, 2024 would have been approximately $13.3 million, or $0.11 per common share.

After giving effect to the sale of common shares in the aggregate amount of $100 million at an assumed offering price of $1.57 per common share, which was the closing price of common shares on The Nasdaq Capital Market on March 14, 2025, and after deducting estimated offering commissions and expenses payable by us, our pro forma as adjusted net tangible book value as of June 30, 2024 would have been would have been $0.90 per common share. This represents an immediate increase in pro forma as adjusted net tangible book value of $0.79 per common share to existing shareholders and an immediate dilution of $0.67 per common share to new investors purchasing common shares in this offering.

The following table illustrates this dilution:

| Assumed public offering price per common share                                                                                      |     |   |      |     | $ | 1.57 |
| Pro forma net tangible book value per common share as at June 30, 2024                                                              |     | $ | 0.11 |     |   |      |
| Increase in pro forma net tangible book value per common share attributable to purchasers purchasing common shares in this offering |     | $ | 0.79 |     |   |      |
| Pro forma as adjusted net tangible book