Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 26

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 26
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 to maintain a minimum closing price of $1.00 per ADS for the preceding 30 consecutive
trading days, we will receive a deficiency letter from the staff of The Nasdaq Stock Market, or the Staff. The Staff may provide us with a 180-calendar day grace period to regain compliance with the bid price requirement. If we are unable to regain
compliance with the bid price requirement within the 180-calendar day grace period or if no grace period is made available to us, we may be delisted from The Nasdaq Capital Market unless we change the ratio of our ADSs to ordinary shares; however,
there can be no assurance that we will be able to change the ratio of our ADSs to ordinary shares or that, if we are able to change the ratio, changing the ratio of our ADSs to ordinary shares will allow us to regain compliance with the bid price
requirement. We currently do not have

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plans to change the ratio of our ADSs to ordinary shares or to implement a reverse stock split with respect to our ordinary shares. In addition to The Nasdaq Stock Market enumerated criteria for
continued listing on The Nasdaq Capital Market tier, The Nasdaq Stock Market also has broad discretionary public interest authority that it can exercise to apply additional or more stringent criteria for continued listing, or to suspend or delist
securities even though the securities meet all enumerated criteria for continued listing on The Nasdaq Stock Market. Given the maximum number of ADSs issuable in connection with this offering, we cannot assure you that The Nasdaq Stock Market will
not exercise such discretionary authority.

Additionally, in the event of a delisting notice, we would typically have an opportunity
to appeal such decision to the Nasdaq Hearing Panel or take other measures to preserve the listing of our ADSs on The Nasdaq Capital Market, but these measures and any appeal may not be successful. If our ADSs are delisted by The Nasdaq Stock
Market, our ADSs may be eligible to trade on an over-the-counter quotation system, where an investor may find it more difficult to sell our ADSs or obtain accurate quotations as to the market value of our ADSs. We cannot ensure that our ADSs, if
delisted from The Nasdaq Capital Market, will be listed on any national securities exchange or quoted on an over-the counter quotation system.

In the event we are delisted from The Nasdaq Capital Market, the only established trading market for our ADSs would be eliminated, and we
would be forced to