NuCana implements 1-for-200 reverse ADS split effective August 11

NuCana plc (NASDAQ: NCNA) announced it will change the ratio of its American Depository Shares to ordinary shares from 1 ADS representing 25 ordinary shares to 1 ADS representing 5,000 ordinary shares, effective August 11, 2025.

The change functions as a 1-for-200 reverse ADS split. ADS holders will receive one new ADS for every 200 existing ADSs they hold. The company stated the change aims to support liquidity in its ADSs and help regain compliance with Nasdaq's minimum bid price requirement.

Holders of certificated ADSs must surrender their certificates to Citibank, N.A., the depositary bank, for exchange. Holders of uncertificated ADSs in the Direct Registration System and The Depository Trust Company will have their shares automatically exchanged without required action.

The ratio change will not affect shareholders' proportional equity interest in the company. Fractional ADS entitlements will be aggregated and sold by the depositary, with net cash proceeds distributed to applicable ADS holders after deduction of fees, taxes and expenses.

NuCana expects the ADS trading price to increase proportionally following the change, though the company provided no assurance that the post-change trading price will be proportionally equal to or greater than the previous price. The ADSs will continue trading on The Nasdaq Capital Market under ticker symbol "NCNA."

The Edinburgh-based clinical-stage biopharmaceutical company focuses on developing cancer treatments using its ProTide technology to enhance nucleoside analog chemotherapy agents. Its pipeline includes NUC-7738 and NUC-3373, both in various stages of clinical trials.

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