NuCana Announces Plan to Implement ADS Ratio Change

Core Viewpoint - NuCana plc plans to change the ratio of its American Depository Shares (ADSs) from 1 ADS representing 25 ordinary shares to 1 ADS representing 5,000 ordinary shares, effective around August 8, 2025, to support liquidity and regain compliance with Nasdaq's minimum bid price requirement [1][2]. Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology, which aims to enhance the efficacy and safety of widely prescribed chemotherapy agents [4]. - The company's pipeline includes NUC-7738, a novel anti-cancer agent in Phase 2 studies, and NUC-3373, currently in a Phase 1b/2 modular study, both targeting advanced solid tumors [4]. ADS Ratio Change Details - The change in the ADS Ratio will effectively act as a one-for-two hundred reverse ADS split, with no impact on the proportional equity interest of ADS holders [2]. - Registered holders of certificated ADSs must surrender their existing ADSs for cancellation to receive new ADSs, while holders of uncertificated ADSs will have their ADSs automatically exchanged [2]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [2]. Expected Impact - The trading price of ADSs is expected to increase proportionally due to the change in the ADS Ratio, although the company cannot guarantee that the new trading price will be equal to or greater than the previous price [3].