Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 54

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 54
---
 on the First Reset Date and Second Reset Date, as applicable, the more shares that will be issuable pursuant
to the Series L Warrants as a result of the each reset, subject to the floor price of 50% of the Latest NASDAQ Closing Price on the First
Reset Date, and 30% of the Latest NASDAQ Closing Price on the Second Reset Date.

We may be required to pay
certain amounts as liquidated damages as specified in the warrants in the event we do not deliver Depositary Shares upon exercise of the
warrants within the time periods specified in the warrants. No fractional Depositary Shares will be issued in connection with the exercise
of a warrant.

Cashless Exercise.
If, at the time a holder exercises its Series L Warrant, there is no effective registration statement registering, or the prospectus contained
therein is not available for an issuance of the shares underlying the Series L Warrant to the holder, then in lieu of making the cash
payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead
to receive upon such exercise (either in whole or in part) the net number of Depositary Shares determined according to a formula set forth
in the Series L Warrant. On the termination date of the Series L Warrant, the Series L Warrant will be automatically exercised via cashless
exercise.

| 34 |

Zero Cash Exercise Price Option. A holder of Series L Warrants may also, during the period of 90 calendar days following the issue date of the Series L
Warrants, provide notice and elect a zero exercise price option pursuant to which they would receive, without payment of any additional
cash to the Company, an aggregate number of Depositary Shares equal to the product of (x) the aggregate number of Depositary Shares that
would be issuable upon a cash exercise of the Series L Warrant and (y) two (2). As a result of this feature, we do not expect to receive any cash proceeds from the exercise of the Series L Warrants because it is highly unlikely that a Series L Warrant holder will elect to pay an exercise price in cash to receive one Depositary Share when they could elect the zero cash exercise price option to receive additional Depositary Share without paying an exercise price.

Exercise Limitation.
A holder will not have the right to exercise any portion of the Pre-Funded Warrants or Series L Warrants if the holder (together with
its affiliates)