Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 66

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 66
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 (i) the closing price (as reflected on Nasdaq.com) of the ADSs immediately preceding the execution of the securities
purchase agreement for the Series B Warrants, and (ii) the average closing price of the ADSs (as reflected on Nasdaq.com) for the five trading days immediately preceding the execution of the securities purchase agreement for the Series B Warrants,
or each the Series B Floor Price.

On the 11th trading day after date of issuance, or the Series B Reset Date, the Series B Warrants’
exercise price will be adjusted to equal the lowest of (i) the exercise price then in effect and (ii) the greater of (a) the lowest daily volume weighted average price of the ADSs during the period commencing on the first trading day
after the date of issuance and ending following the close of trading on the tenth trading day thereafter, and (b) the Series B Floor Price in effect as of the Series B Reset Date, , and the number of ADSs issuable upon exercise will be
increased such that the aggregate exercise price of the Series B Warrants on the issuance date for ADSs underlying the Series B Warrants then outstanding shall remain unchanged.

Transferability

Subject to applicable
laws, a Series B Warrant may be transferred at the option of the holder upon surrender of the Series B Warrant to us together with the appropriate instruments of transfer.

Fractional Shares

No fractional ADSs
will be issued upon the exercise of the Series B Warrants. Rather, the number of ADSs to be issued will, at our election, either be rounded up to the next whole share or we will pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the exercise price.

Trading Market

There is no established trading market for the Series B Warrants, and we do not expect an active trading market to develop. We do not intend to
apply to list the Series B Warrants on any securities exchange or other trading market. Without a trading market, the liquidity of the Series B Warrants will be extremely limited.

50

Confidential Treatment Requested by Nucana plc

Pursuant to 17 C.F.R. Section 200.83

Rights as an ADS Holder

Except as otherwise provided in the Series B Warrants or by virtue of such holder’s ownership of our ordinary shares, the holder of a
Series B Warrant does not have the rights or privileges of a holder of our ordinary shares,