Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 73

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 73
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 the exercise price. The Series B Warrants will be issued separately from the ADSs and may be transferred separately immediately thereafter.

Exercisability

The Series B Warrants
will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of ADSs purchased upon such exercise (except in the case of a cashless exercise
as discussed below). Generally, a holder (together with its affiliates) may not exercise any portion of such holder’s Series B Warrants to the extent that the holder would own more than 4.99% of the outstanding ordinary shares (or at the
election of a holder prior to the date of issuance, 9.99%) immediately after exercise, except that upon at least 61 days’ prior notice from the holder to us, the holder may increase the amount of ownership of outstanding ordinary shares after
exercising the holder’s Series B Warrants up to 9.99% of the number of shares of our ordinary shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
Series B Warrants.

Cashless Exercise & a “Zero Exercise Price” Option

If, at the time a holder exercises its Series B Warrants, a registration statement registering the issuance of the ADSs underlying the Series B
Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price,
subject to the Mandatory Nominal Exercise Price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of ADSs determined according to a formula set forth in the Series B Warrant.

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Holders may also effect a “zero exercise price” option at any time while the Series B Warrants are outstanding following the Series B Liquidity Date. Under the “zero exercise price” option, subject to the Mandatory Nominal Exercise Price, the holder of the Series B Warrant, has the right to receive an aggregate number of Warrant Shares equal to the product of (i) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise, (ii) multiplied by 3.0. If a Series B Warrant holder