NuCana plans reverse stock split to meet Nasdaq requirements

NuCana plc (NASDAQ: NCNA) announced plans to 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 8, 2025.

The change functions as a one-for-200 reverse ADS split, meaning shareholders will receive one new ADS for every 200 existing ADSs held. The company stated the change aims to support liquidity in its ADSs and enable compliance with Nasdaq's minimum bid price requirement.

Holders of certificated ADSs must surrender their shares 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.

No fractional new ADSs will be issued. Instead, fractional 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's ADSs will continue trading on The Nasdaq Capital Market under the ticker symbol "NCNA." The company noted that while the ADS trading price is expected to increase proportionally, it cannot guarantee the price will be proportionally equal to or greater than the previous trading price.

NuCana is a clinical-stage biopharmaceutical company developing cancer treatments using its ProTide technology. The company's pipeline includes NUC-7738, currently in Phase 2 studies, and NUC-3373, being evaluated in Phase 1b/2 studies.

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