Company: NCNA
Filing Date: 2025-04-24
Form Type: F-1
Source: 0001193125-25-092131
Chunk: 3

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 3
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 defined below). 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 the exercise thereof (as further described in this prospectus). 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.

A holder of Series B Warrants may, at
any time after the eleventh trading day following the Initial Exercise Date and in its sole discretion, exercise its Series B Warrants in whole or in part by means of a “zero exercise price” option in which the holder is entitled to
receive a number of ADSs, subject to the Mandatory Nominal Exercise Price (as defined below), 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 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. As an example, given the above provisions, 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 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 exercise their Series B Warrants via the “zero exercise price” option and be issued three times the number of ADSs that otherwise would be issued to the holder in
a regular