Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 6

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 6
---
% of the combined public
offering price, is exercisable on the Initial Exercise Date, and will expire on the two and one half-year anniversary of the Initial Exercise Date. A holder of Series B Warrants may, at any time after the Series B Liquidity Date and in its sole
discretion, exercise its Series B Warrants in whole or in part through the “zero exercise price” option. Each Series B Warrant is initially exercisable for one ADS at an exercise price equal to 250% of the combined public
offering price; however, if the holder elects the “zero exercise price” option, the number of ADSs issuable upon exercise of each Series B Warrant would increase by three times the number of ADSs a holder would have received had the
holder exercised for cash. 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. In addition, at our request, the holders of the
Series B Warrants have agreed to certain restrictions on the exercise of the Series B Warrants, as more fully described in the section entitled “Description of Securities We Are Offering.”

Additionally, the Warrants contain exercise price adjustments and adjustments to increase the number of ADSs issuable upon the exercise of the
Warrants which will increase as the price of our ADSs falls further below the initial exercise price of such Warrants.

Our ADSs
are listed for trading on The Nasdaq Capital Market under the symbol “NCNA”. Each ADS represents twenty-five ordinary shares, nominal value £0.0004 per share. The ADSs may be evidenced by American Depositary Receipts, or ADRs. The
last reported sale price of our ADSs on The Nasdaq Capital Market on April 30, 2025 was $0.59 per ADS. All ADS, Warrant and Pre-Funded Warrant numbers are based on an assumed combined public offering
price of $0.5601 per ADS and the accompanying Warrants, based on the closing price of the Company’s ADSs on April 28, 2025 as reported on The Nasdaq Capital Market. The actual combined public offering price per ADS and accompanying
Warrants,