Company: NCNA
Filing Date: 2025-04-24
Form Type: F-1
Source: 0001193125-25-092131
Chunk: 70

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 70
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 immediately preceding and the five consecutive trading days commencing on the date of
such event is less than the exercise price of the Series A Warrants then in effect, then the exercise price of the Series A Warrants will be reduced to the lowest daily volume weighted average price during such period and the number of ADSs issuable
upon exercise will be proportionately adjusted such that the aggregate price will remain unchanged, subject to a floor price of twenty percent (20%) of the Nasdaq Minimum Price, as defined in Nasdaq Listing Rule 5635(d)(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 A 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 A Warrants, or each the Series A Floor Price).

On the eleventh trading day after the date of issuance, or the Series A Reset Date, the Series A 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 first trading day after the date of
issuance and ending following the close of trading on the tenth trading day thereafter, and (b) the Series A Floor Price in effect as of the Series A Reset Date, and the number of shares issuable upon exercise will be increased such that the
aggregate exercise price of the Series A Warrants on the issuance date for the ADSs underlying the Series A Warrants then outstanding shall remain unchanged.

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

Transferability

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

Fractional Shares

No fractional ADSs will be issued upon the exercise of the Series A 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