Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 77

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 77
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1)(A) (i.e., the lower of (i) the closing price (as reflected on Nasdaq.com) of the ADSs immediately preceding the execution of the securities
purchase agreement for the Series B Warrants, and (ii) the average closing price of the ADSs (as reflected on Nasdaq.com) for the five trading days immediately preceding the execution of the securities purchase agreement for the Series B Warrants,
or each the Series B Floor Price), which is $0.1120, based on the Nasdaq Minimum Price equal to the assumed public offering price per ADS.

On the Series B Liquidity Date, the Series B Warrants’ exercise price will be adjusted to equal the lowest of (i) the exercise price
then in effect and (ii) the greater of (a) the lowest daily volume weighted average price of the ADSs during the period commencing on the second trading day after the Series B Liquidity Date and ending following the close of trading on the
eighteenth trading day immediately thereafter, and (b) the Series B Floor Price in effect as of the Series B Liquidity Date, and the number of ADSs issuable upon exercise will be increased such that the aggregate exercise price of the Series B
Warrants on the issuance date for ADSs underlying the Series B Warrants then outstanding shall remain unchanged.

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As such, the number of ADSs issuable upon the exercise of the Series B Warrants will
increase as the price of our ADSs falls further below the initial exercise price of the Series B Warrants.

Transferability

Subject to applicable laws, a Series B Warrant may be transferred at the option of the holder upon surrender of the Series B Warrant to us
together with the appropriate instruments of transfer.

Fractional Shares

No fractional ADSs will be issued upon the exercise of the Series B Warrants. Rather, the number of ADSs to be issued will, at our election,
either be rounded up to the next whole share or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

Trading Market

There is no established
trading market for the Series B Warrants, and we do not expect an active trading market to develop. We do not intend to apply to list the Series B Warrants on any securities exchange or other trading market. Without a trading market, the liquidity
of the Series B Warrants will be extremely limited.

Rights as an ADS Holder

Except as