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

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 24
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 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 eleventh trading day following the Initial Exercise 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. As a result
of this feature, we do not expect to receive any cash proceeds from the exercise of the Series B Warrants in these circumstances because it is highly unlikely that a Series B Warrant holder will elect to pay an exercise price in cash to receive one
ADS at a time when they could elect the “zero exercise price” option to receive more ADSs than they would receive if they did pay an exercise price. An exercising holder of a Series B Warrant using the “zero exercise price”
option will be issued three times the number of ADSs for each ADS issuable upon exercise of a Series B Warrant for cash. If holders elect the “zero exercise price option”, on this basis, such exercise will result in substantial dilution to
our shareholders. As an example, given the provisions of the Warrants, holders of the Warrants will be issued a maximum of 200,617,288 ADSs upon the exercise of each of the Series A Warrants and Series B Warrants. However, if the holders of the
Series B Warrants elect the “zero exercise price” option, the number of ADSs issuable upon exercise of the Series B Warrants would increase by three, resulting in a maximum of 401,234,576 ADSs upon the exercise of each of the Series A
Warrants and Series B Warrants.

This offering may cause the price of our ADSs to decline and fall below the minimum bid price requirement required by the Nasdaq Listing