Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 23

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 23
---
 be no assurance that the market price of our ADSs will ever equal or exceed the exercise price of the Warrants, and consequently,
whether it will ever be profitable for holders of Warrants to exercise the Warrants.

This is a best efforts offering, no minimum amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans, including our near-term business plans.

The Placement Agent has agreed to use its reasonable best efforts to solicit offers to purchase the securities in this offering. The Placement
Agent has no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum number of securities that must be sold as a condition to
completion of this offering. Because there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, Placement Agent fees and proceeds to us are not presently determinable and may be
substantially less than the maximum amounts set forth above. We may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us, and investors in this offering will not receive a refund
in the event that we do not sell an amount of securities sufficient to support our continued operations, including our near-term continued operations. Thus, we may not raise the amount of capital we believe is required for our operations in the
short-term and may need to raise additional funds, which may not be available or available on terms acceptable to us.

We are selling a substantial number of ADSs in this offering, which could cause the price of our ADSs to decline.

In this
offering, we are offering up to 12,497,768 ADSs, Pre-Funded Warrants to purchase up to 12,497,768 ADSs, Series A Warrants to purchase up to 12,497,768 ADSs and Series B Warrants to purchase up to 12,497,768
ADSs, based on an assumed combined public offering price of (i) $0.5601 per ADS and accompanying Warrants which is the reported sale price of our ADSs on The Nasdaq Capital Market on April 28, 2025 or (ii) the assumed public offering price of
an ADS and accompanying Warrants, minus the United States dollar equivalent of £0.01, based on the exchange rate on the date of pricing per Pre-Funded Warrant and