Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 169

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 169
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 exclusive of intangible assets and goodwill, less total liabilities, after giving
effect to the issuance of [ ] shares of Aptorum’s Class A Ordinary Shares subsequent to December 31, 2024, through [ ], 2025. Pro forma net tangible book value per share represents Aptorum’s pro forma net tangible book value divided
by the total number of shares outstanding as of December 31, 2024, after giving effect to the pro forma adjustment described above.

Pro forma as adjusted net
tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of shares
of Aptorum’s Class A Ordinary Shares in this offering and the pro forma as adjusted net tangible book value per share of Aptorum’s
Class A Ordinary Shares immediately after completion of this offering and the Merger Closing. After giving effect to (i) the sale by Aptorum
in this offering of Class A Ordinary Shares at a public offering price of $[ ] per share of Class A Ordinary Shares,
which was the last reported sale price of Aptorum’s Class A Ordinary Shares on the Nasdaq Capital Market on [ ],
2025, and after deducting the estimated placement agent fees and estimated offering expenses that Aptorum will pay and (ii) the issuance
of an estimated shares of Aptorum’s Class A Ordinary Shares assuming conversion of an estimated [ ] shares of
Series A Preferred Stock to be issued at the Merger Closing, convertible at a ratio of 1:[ ], Aptorum’s pro forma
as adjusted net tangible book value as of December 31, 2024 would have been approximately $[ ] million or $[ ]
per Class A Ordinary Share. This amount represents an immediate increase in net tangible book value of $[ ] per share to existing shareholders
and an immediate dilution of $[ ] per share to investors in this offering.

| Assumed public offering price                                                                                      
 Net tangible book value per share as of December 31, 2024                                                          |     |   |     |   |
|:-------------------------------------------------------------------------------------------------------------------|:----|:--|:----|:--|
| Increase per share attributable to the pro forma adjustments described above                                       |     | $ |     |   |
| Pro forma net tangible book value per share as of December 31, 2024                                                |     | $ |     |   |
| Increase per share attributable to new investors in this offering                                                  |     |   |     |   |
| Pro forma as adjusted net tangible book