Company: BDRX
Filing Date: 2025-12-11
Form Type: F-1/A
Source: 0001214659-25-017944
Chunk: 135

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-11
Form: F-1/A
Chunk 135
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 of Series L Warrants into Warrant Shares. The U.S. federal income tax
treatment of a cashless exercise of Series L Warrants into Warrant Shares is unclear, and the tax consequences of a cashless exercise
could differ from the consequences upon the exercise of a Series L Warrant described in the preceding paragraph. U.S. Holders should consult
their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of Series L Warrants.

Disposition of Series L Warrants.A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of a Series L Warrant in an amount equal
to the difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S.
Holder’s tax basis in the Series L Warrant sold or otherwise disposed of. Subject to the PFIC rules discussed above, any such gain
or loss generally will be a capital gain or loss, which will be long-term capital gain or loss if the Series L Warrant is held for more
than one year. Deductions for capital losses are subject to complex limitations under the Code.

Expiration of Warrants Without Exercise. Upon the lapse or expiration of a Series L Warrant, a U.S. Holder will recognize a loss in an amount equal to such
U.S. Holder’s tax basis in the Series L Warrant. Any such loss generally will be a capital loss and will be long-term capital loss
if the Series L Warrants are held for more than one year. Deductions for capital losses are subject to complex limitations under the Code.

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Certain Adjustments to Series L Warrants. Under Section 305 of the Code, an adjustment to the number of Warrant Shares that will be issued on the exercise
of the Series L Warrants, or an adjustment to the exercise price of the Series L Warrants, may be treated as a constructive distribution
to a U.S. Holder of the Series L Warrants if, and to the extent that, such adjustment has the effect of increasing such U.S. Holder’s
proportionate interest in the “earnings and profits” or our assets, depending on the circumstances of such adjustment (for
example, if such adjustment is to compensate for a distribution of cash or other property to the shareholders). Adjustments to the exercise
price of Series L Warrants made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing