Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 425

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 425
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 and, accordingly, allocated the proceeds between the Investor Warrants, which had an estimated fair value of $1,260,000,                    
 with the balance of $740,000 allocated to the Class A ordinary shares.                                                                      |

| (b) | The Company recognized the issuance costs                                                                                                  
 attributable to the Offering, which included cash costs of $284,001 and non-cash costs associated with the fair value of the Placement     
 Agent Warrants of $37,312 which are classified as warrant liabilities, by allocating to the Class A ordinary shares and Investor Warrants. 
 Issuance costs allocated to the Class A ordinary shares of $118,885 were recognized as a reduction of additional paid-in capital and       
 issuance costs allocated to the Investor Warrants of $202,428 were recognized as expense and included in general and administrative fees   
 during the year ended December 31, 2024.                                                                                                   |

| (c) | Convertible notes due to shareholders in                                                                                                   
 the amount of $4,286,162 are to be converted into 1,338,223 shares of common stock in connection with the consummation of the Acquisition. |

| (d) | The Acquisition is considered as a business combination and is accounted for using the acquisition method in accordance with ASC 805, “Business Combinations” as the directors of the Company believe that the Target acquired constitutes a business in accordance with ASC 805. The Acquisition will enable the Group to further its business strategies. |

Upon completion of the Acquisition,
Aptorum would hold 100% of the Target Company’s equity interest and obtain control over the Target Company. Accordingly, the Target
Company would become a subsidiary of the Company.

For the purpose of preparing the unaudited
pro forma condensed combined financial information, the directors of the Company had assumed that with the exception of intangible assets
(details set out below), the pro forma fair value of the identifiable assets and liabilities of the Target Group as at June 30, 2025 are
substantially the same as their respective carrying amounts as at June 30, 2025.

The Group has applied the acquisition
method in accordance with ASC 805 to account for the Acquisition as if the Acquisition had been completed on June 30, 2025 and the
calculation of pro forma goodwill is as follows:

|                                                             |     | US$ (’000) |        |
|:------------------------------------------------------------|:----|:-----------|-------:|
| Fair value of total consideration (