Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 18

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 18
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 exercise price), and exercised pursuant to a notice of
exercise (provided no additional exercise price shall be due and payable). Upon closing of the transaction on May 24, 2024, or the Closing,
we issued 124,182 Depositary Shares to the Holders, with the remaining 931,585 Depositary Shares remaining unissued but held in abeyance
until we receive notice from the holders that the remaining shares may be issued in compliance with the beneficial ownership limitation.
The 37,263 Depositary Shares held in abeyance were not issued following the warrant exercise as the Warrant Agreements prohibit us from
issuing the abeyance shares because doing so would violate the beneficial ownership limitation contained in the Warrant Agreements. The
Warrant Agreements require that the abeyance shares instead be held in abeyance and evidenced by the existing warrants. Abeyance means
being without or waiting for an owner. Since the exercise price has been paid, but the abeyance shares were not issued and the existing
warrants continue to evidence the right to the abeyance shares, the existing warrants had effectively become a “pre-funded warrant”
and the abeyance shares may only be issued by us to the Holders of the existing warrants if the Holders notify us that the issuance may
occur without violation of the beneficial ownership limitation.

In
consideration for the immediate exercise of the Series E Warrants and/or Series F Warrants for cash, we issued one replacement warrant
for each Series E Warrant exercised, or the Series G Warrants, and one replacement warrant for each Series F Warrant exercised, or the
Series H Warrants, and collectively with the Series G Warrant, the Replacement Warrants.

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The
Replacement Warrants were exercisable immediately and expire after five years, for the Series G Warrants, and one year, for the Series
H Warrants, from the date of issuance. The registration statement of which this prospectus forms a part includes the Ordinary Shares (represented
by Depositary Shares) issuable upon exercise of the Replacement Warrants, as well as the Ordinary Shares (represented by Depositary Shares)
received upon exercise of the Series E Warrants and Series F Warrants.

Ladenburg, acted
as warrant inducement agent and financial advisor in connection with the transaction and received a cash fee of 8.0% of the gross proceeds
and reimbursement of certain expenses. We also issued to Ladenburg and