Company: TLSA
Filing Date: 2025-03-24
Form Type: F-3
Source: 0001013762-25-001691
Chunk: 53

Company: Tiziana Life Sciences Ltd
Filing Date: 2025-03-24
Form: F-3
Chunk 53
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 operations or be unable to otherwise capitalize on our business opportunities, as desired, which could harm our business and potentially cause us to discontinue operations.

You will experience immediate and substantial dilution in the net tangible book value per share of the common shares you purchase.

Since the offering price per share of the common shares being offered is substantially higher than the net tangible book value per share of common shares, you will suffer substantial dilution in the net tangible book value of the common shares you purchase in this offering. Assuming that an aggregate of 63,694,267 common shares are sold at a price of $1.57 per common share, the last reported sale price of our common stock on The Nasdaq Capital Market on March 14, 2025, for aggregate gross proceeds of approximately $100 million, and after deducting commissions and estimated offering expenses payable by us, if you purchase common shares in this offering, you will suffer immediate and substantial dilution of approximately $0.72 per share in the net tangible book value of the common shares. See the section entitled “Dilution” on page S-12 of this prospectus for a more detailed discussion of the dilution you will incur if you purchase common shares in this offering.

Certain common shares previously sold under our Sales Agreement with respect to our At-the-Market Offering may have been sold in violation of federal and state securities laws and may be subject to rescission rights and other penalties, requiring us to repurchase shares sold thereunder.

In connection with our Sales Agreement, we became aware that our shelf
registration statement on Form F-3 (file number 333-237368) (the “Prior Registration Statement”) expired on March 3, 2025.
Prior to becoming aware of the expiration, we sold an aggregate of 2,600,942 common shares following the expiration of the Prior Registration
Statement and through March 6, 2025 at an average price of approximately $1.38 per share for aggregate gross proceeds of approximately
$3.6 million under the Prior Registration Statement pursuant to the Sales Agreement (the “Sales”). Because the Prior Registration
Statement had already expired, the Sales could be determined to be unregistered sales of securities and, in accordance with Sections 5
and 12(a)(1) of the Securities Act, direct purchasers in the Sales may have rescission rights pursuant to which they may be entitled to
recover the amount paid for such shares, plus statutory interest, upon returning the shares to us within one year from the