Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 25

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 25
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. As a result of this feature, we do not expect to receive any
cash proceeds from the exercise of the Series B Warrants in these circumstances because it is highly unlikely that a Series B Warrant holder will elect to pay an exercise price in cash to receive one ADS at a time when they could elect the
“zero exercise price” option to receive more ADSs than they would receive if they did pay an exercise price. An exercising holder of a Series B Warrant using the “zero exercise price” option will be issued three times the number
of ADSs for each ADS issuable upon exercise of a Series B Warrant for cash. If holders elect the “zero exercise price option”, on this basis, such exercise will result in substantial dilution to our shareholders. As an example, given the
provisions of the Warrants, holders of the Warrants will be issued a maximum of 234,333,155 ADSs upon the exercise of all of the Series A Warrants and Series B Warrants. However, if the holders of the Series B Warrants elect the “zero exercise
price” option, the number of ADSs issuable upon exercise of the Series B Warrants would increase by a factor of three, resulting in a maximum of 546,777,361 ADSs upon the exercise of each of the Series A Warrants and Series B Warrants.

This offering may cause the price of our ADSs to decline and fall below the minimum bid price requirement required by the Nasdaq Listing Rules, which could result in our ADSs being delisted from The Nasdaq Capital Market. A delisting of our ADSs from The Nasdaq Capital Market could adversely affect our ability to raise additional capital through the public or private sale of equity securities, the ability of investors to dispose of ADSs or obtain accurate quotations as to the market value of our ADSs and the price and value of our ADSs.

Our ADSs are currently listed on The Nasdaq Capital Market. Continued listing of a security on The Nasdaq Capital Market is conditioned upon
compliance with various continued listing standards. In particular, the requirements for The Nasdaq Capital Market impose a minimum $1.00 per share bid price requirement. To comply with this requirement, the closing price for our ADSs must not fall
below $1.00 for a 30 consecutive trading day period. Since March 31, 2025, the closing bid price for our ADSs has been below $1.00 per ADS. If we are unable