Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 71

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 71
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 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), which is $0.1120, based on the Nasdaq Minimum Price equal to the assumed public offering price per ADS.

On the date on which the aggregate trading volume of the ADSs (which aggregate trading volume shall include pre-market, market and post-market
trading volume) as reported by Bloomberg, LP on and subsequent to the date of the securities purchase agreement equals or exceeds 300% of the number of ADSs (including ADSs underlying Pre-Funded Warrants) sold pursuant to the securities purchase
agreement on the closing date of this offering (and if such date is not a trading day, the next trading day following such date), or the Series A Liquidity 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 second trading day after the Series A Liquidity Date and ending following
the close of trading on the eighteenth trading day immediately thereafter, and (b) the Series A Floor Price in effect as of the Series A Liquidity 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