Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 13

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 13
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 we plan to commence an equity financing process in order to raise additional capital. However, while our board of directors believe there is a reasonable prospect that the financing process will be completed successfully in the coming months, there can be no assurance that we will be successful and if we are unable to raise additional capital, we could be forced to complete a wind down of our operations and/or seek bankruptcy protection. Because our ADSs are currently trading at a price below the nominal value of our ordinary shares of £0.04 each, we are unable to issue new ordinary shares or ADSs at current market value. To facilitate the planned equity financing process, on March 18, 2025, we distributed a notice of our general meeting to be held on April 7, 2025 to approve the sub-division and related redesignation of our ordinary shares. Our ability to obtain shareholder approval of the resolutions proposed to be addressed at the planned general meeting are subject to our ability to achieve the quorum necessary to convene the meeting and to obtain the requisite votes in favor of the resolutions. If we are unable to achieve quorum or obtain the requisite votes in favor, we may be required to adjourn and/or reschedule the general meeting and, as a result, we may be unable to raise the additional capital necessary to continue our operations. For more information regarding our planned general meeting, please see the Notice of General Meeting, dated March 18, 2025 and furnished as an exhibit to our Form 6-K filed on March 18, 2025.
 Raising additional capital may cause dilution to our shareholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.
 Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity and debt financings. The sale of additional equity or convertible debt securities would dilute all of our shareholders. The incurrence of indebtedness could result in increased fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights, limitations on declaring dividends and other operating restrictions that could adversely impact our ability to conduct our business. Moreover, the terms of any financing may adversely affect the holdings or the rights of our shareholders and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our ADS