Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 144

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 144
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 property received) for the Depositary Share or Pre-Funded Warrant and such U.S. Holder’s
tax basis (in U.S. dollars) in the Depositary Share or Pre-Funded Warrant (as applicable). The gain or loss will generally be
capital gain or loss. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S.
Holders or long-term capital loss if, on the date of sale, exchange or other disposition, the Depositary Shares or Pre-Funded Warrant
(as applicable) were held by the U.S. Holder for more than one year. The deductibility of capital losses is subject to limitations. Any
such gain or loss generally will be treated as United States source income or loss for United States foreign tax credit purposes.

Taxation of Series L Warrants

Exercise of Series L Warrants.
A U.S. Holder should not recognize gain or loss on the exercise of a Series L Warrant and related receipt of an Ordinary Share upon exercise
of the warrant, or Warrant Share, (unless cash is received in lieu of the issuance of a fractional Warrant Share). A U.S. Holder’s
initial tax basis in the Warrant Share received on the exercise of a Series L Warrant should be equal to the sum of (a) such U.S.
Holder’s tax basis in such Series L Warrant, plus (b) the exercise price paid by such U.S. Holder on the exercise of such Series
L Warrant. It is unclear whether a U.S. Holder’s holding period for the Warrant Share received on the exercise of a Series L Warrant
would commence on the date of exercise of the Series L Warrant or the day following the date of exercise of the Series L Warrant. If we
are a PFIC, a U.S. Holder’s holding period for the Warrant Share for PFIC purposes will begin on the date on which such U.S. Holder
acquired its Warrant Share.

In certain limited circumstances,
a U.S. Holder may be permitted to undertake a cashless exercise of Series L Warrants into Warrant Shares. The U.S. federal income tax
treatment of a cashless exercise of Series L Warrants into Warrant Shares is unclear, and the tax consequences of a cashless exercise
could differ from the consequences upon the exercise of a Series L Warrant described in the preceding paragraph. U.S. Holders should consult
their own tax