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

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 25
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arrants contain a “zero exercise price” provision which provides the holders the right, at their option at any time
after the Series B Liquidity Date, to receive a number of ADSs, subject to the Mandatory Nominal Exercise Price, 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
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 result in an immediate trading halt or delisting of our ADSs from The Nasdaq Capital Market due to public interest concerns.

Under Nasdaq Listing Rule 5101, The Nasdaq Stock Market has broad discretionary authority to terminate the listing of securities,
subject to a timely-requested hearing, if it determines that continued listing is not in the public interest, even if the issuer is in compliance with The Nasdaq Stock Market’s enumerated listing criteria. The Series A Warrants and Series B
Warrants contain exercise price reset and share combination event provisions that may result in a downward adjustment to the exercise price