Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 74

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 74
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 elects the “zero exercise price” option, the number of ADSs would increase by three times the number of ADSs a holder would have received had the holder exercised for cash. As such, holders of the Series B Warrants may elect to be issued up to 37,493,304 ADSs upon the exercise of the Series B Warrants. As a result of this feature, we do not expect to receive any cash proceeds from the exercise of the Series B Warrants because it is highly unlikely that a Series B Warrant holder will elect to pay an exercise price in cash to receive one ADS when they could elect the “zero exercise price” option in these circumstances to receive more ADSs than they would receive if they did pay an exercise price. In addition, at our request, pursuant to a Series B Warrant lock-up agreement, or the Lock-Up Agreement, we have agreed with each Series B Warrant holder that during the period commencing on the Initial Exercise Date of the Series B Warrants until such time as the aggregate trading volume of our ADSs (which aggregate trading volume shall include pre-market, market and post-market trading volume) as reported by Bloomberg, LP equals or exceeds 300% of the number of ADSs (including ADSs underlying Pre-Funded Warrants) sold in this offering, the Series B Warrant holder shall not be permitted to exercise any portion of the Series B Warrants, or the Restricted Period. Upon the expiration of the Restricted Period and through the thirtieth calendar day following such expiration, or the Lock-Up Period, the number of Warrant Shares that may be issued pursuant to the exercise of the Series B Warrants by the Series B Warrant holder on a given day shall be limited to an amount equal to a percentage of the total trading volume of the ADSs (as described in the preceding sentence) on the immediately preceding trading day, or the Daily Limit. The Daily Limit shall be determined as follows:

| a. | If the Trading Price (as defined below) is less than the Floor Price (as defined in the Series B Warrants), the 
 Daily Limit shall be twenty-five percent (25%);                                                                 |

| b. | If the Trading Price is at least fifty percent (50%) above the Floor Price, the Daily Limit shall be thirty 
 percent (30%);                                                                                              |

| c. | If the Trading Price is at least one hundred percent (100%) above the Floor Price, the Daily Limit shall be 
 forty percent (40%);