Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 24

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 24
---
 accompanying Warrants. The existence of the potential additional ADSs in the
public market, or the perception that such additional ADSs may be in the market, could adversely affect the price of our ADSs. We cannot predict the effect, if any, that market sales of those ADSs or the availability of those ADSs for
sale will have on the market price of our ADSs. In addition, the Warrants contain exercise price adjustments, adjustments to increase

10

the number of shares “issuable” upon exercise, and, in the case of the Series B Warrants, a “zero exercise price” option, which, if triggered, may cause substantial dilution.
For example, the Series A Warrants and Series B Warrants contain reset provisions that may result in a downward adjustment to the exercise price of such warrants, and which may result in a corresponding increase to the number of ADSs issuable
upon exercise thereof (as further described in “Description of Securities We Are Offering — Series A Warrants — Exercise Price Adjustments” and “Description of Securities We Are Offering — Series B Warrants —
Exercise Price Adjustments”). As such, the number of ADSs issuable upon the exercise of the Warrants will increase as the price of our ADSs falls further below the initial exercise price of the Warrants. Additionally, if the Series B Warrants
are exercised by way of a “zero exercise price” option, such exercising holder will be issued three times the number of ADSs for each ADS they would have been issued in a cash exercise for each Series B Warrant they exercise, without
any cash payment to us (save for the Mandatory Nominal Exercise Price). If any of the above provisions in the Warrants are utilized, our shareholders may suffer substantial dilution.

If the holders of the Series B Warrants elect to exercise such Series B Warrants using the “zero exercise price” option, our shareholders will suffer substantial dilution.

The Series B Warrants contain a “zero exercise price” provision which provides the
holders the right, at their option at any time after the Series B Reset Date, to receive a number of 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