Company: MDCXW
Filing Date: 2025-12-30
Form Type: S-3
Source: 0001062993-25-017488
Chunk: 34

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-30
Form: S-3
Chunk 34
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 the offering.

The shares sold in this offering, if any, will be sold from time to time at various prices. The offering price per share in this offering may exceed the net tangible book value per share of our common shares outstanding prior to this offering. For illustrative purposes, assuming that an aggregate of 9,839,535 common shares are sold at a price of $1.56 per share, the last reported sale price of our common shares on Nasdaq on December 22, 2025, for aggregate gross proceeds of approximately $15,349,674, you will experience immediate dilution of approximately $1.00 per share, representing the difference between our net tangible book value per share as of September 30, 2025, and our pro forma net tangible book value per share after giving effect to this offering at the assumed offering price. See the section entitled “Dilution” below for a more detailed illustration of the dilution you would incur if you participate in this offering.

The common shares offered hereby will be sold in "at the market" offerings, and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of common shares sold, if any, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.

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The actual number of common shares we will issue under the sales agreement and the gross proceeds resulting from those sales, at any one time or in total, is uncertain.

Subject to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to request the Agents to sell on our behalf common shares at any time throughout the term of the sales agreement, and each Agent will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares. The number of shares that are sold by the Agents after we request that sales be made will fluctuate based on the market price of our common shares during the sales period and limits we set with the Agents. Because the price per share of our common shares sold will fluctuate based on the market price of our common shares during the sales period, it is not possible to predict the number of common shares that will ultimately