Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 3

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 3
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, a “zero exercise price” option (as defined below). For example, the Series A Warrants and Series B Warrants contain reset provisions that may result in a downward adjustment to the exercise price of such
warrants, and which may result in a corresponding increase to the number of ADSs issuable upon the exercise thereof (as further described in this prospectus). As such, the number of ADSs issuable upon the exercise of the Warrants will increase as
the price of our ADSs falls further below the initial exercise price of the Warrants.

A holder of Series B Warrants may, at any time
after the date on which the aggregate trading volume of the ADSs (which aggregate trading volume shall include pre-market, market and post-market trading volume) as reported by Bloomberg, LP on and subsequent to the date of the securities purchase
agreement equals or exceeds 300% of the number of ADSs (including ADSs underlying Pre-Funded Warrants) sold pursuant to the securities purchase agreement on the closing date of this offering (and if such date is not a trading day, the next trading
day following such date), or the Series B Liquidity Date, and in its sole discretion, exercise its Series B Warrants in whole or in part (subject to daily exercise limitations as further described below) by means of a “zero exercise price”
option in which the holder is entitled to receive a number of ADSs, subject to the Mandatory Nominal Exercise Price (as defined below), equal to the product of (a) the aggregate number of ADSs that would be issuable upon exercise of the Series B
Warrant in accordance with the terms of such warrant if such exercise were by means of a cash exercise rather than a cashless exercise multiplied by (b) 3.0. As a result of this feature, we do not expect to receive any cash proceeds from the
exercise of the Series B Warrants because it is highly unlikely that a Series B Warrant holder will elect to pay an exercise price in cash to receive one ADS when they could elect the “zero exercise price” option in these circumstances to
receive more ADSs than they would receive

if they did pay an exercise price. As an example, given the above provisions, holders of the Warrants will be issued a maximum of 234,333,155 ADSs upon the exercise of each of the Series A
Warrants and Series B Warrants. However, if the holders of the Series B Warrants elect the “