Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 93

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 93
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 or ordinary shares by us, our senior management and board members, holders of our ADSs or our ordinary shares in the future;
 •price and volume fluctuations attributable to inconsistent trading volume levels of the ADSs; and
 •other events and factors, many of which are beyond our control.
 In addition, if we fail to maintain compliance with Nasdaq’s continued listing requirements, including the minimum closing bid price requirement, Nasdaq may take steps to de-list our ADSs. Such a de-listing would likely have a negative effect on the price of our ADSs and may impair investors’ ability to sell or purchase our ADSs when they wish to do so. In the event of a de-listing, we may take actions to restore our compliance with Nasdaq’s listing requirements, but we can provide no assurance that any such action taken by us would allow our ADSs to become listed again, stabilize the market price or improve the liquidity of our ADSs, or prevent future non-compliance with Nasdaq’s listing requirements. On May 12, 2023, we received written notification from Nasdaq indicating that we were not in compliance with the minimum $1.00 per share bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). In order to regain compliance within the 180-day grace period, the minimum bid price for our ADSs needed to meet or exceed $1.00 for ten consecutive trading days. On November 9, 2023, we transferred the listing of our ADSs from the Nasdaq Global Select Market to the Nasdaq Capital Market. In connection with the transfer to the Nasdaq Capital Market, Nasdaq granted us a second 180-day period (or until May 6, 2024) to regain compliance with the requirement set forth in Nasdaq Listing Rule 5450(a)(1). On April 16, 2024, we effected a ratio change of our ADSs to our ordinary shares, from one ADS, representing one ordinary share, to one ADS representing twenty-five ordinary shares. We regained compliance with the minimum closing bid price requirement on May 1, 2024. In the future, if we fail to maintain compliance with Nasdaq’s continued listing requirements and are delisted from Nasdaq, we may transfer to and commence trading on the OTC Markets or another quotation medium. As a result, an investor would likely find it more difficult to trade or obtain accurate price quotations for our shares. Delisting would likely also reduce the visibility, liquidity, and