Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 41

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 41
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 have been structurally subordinated.

<div align='center'>S-24</div>

#### TABLE OF CONTENTS
The ability of our subsidiaries to pay dividends and make other payments to us may be restricted by, among other things, our existing and future debt instruments, applicable corporate and other laws and regulations as well as agreements to which our subsidiaries may become a party. We may not be able to pay cash for the fundamental change repurchase price upon a fundamental change if a holder requires us to repurchase notes as described below or in respect of our conversion obligation if we are required to settle conversions in cash as a result of exceeding the allotment share cap. See the section titled “Risk Factors—Risks Related to the Notes—We may not have the ability to raise the funds necessary to repurchase the notes for cash upon a fundamental change or, if so required, settle conversions of notes in cash, and our existing and future debt may contain limitations on our ability to repurchase the notes.”

#### Optional Redemption
No “sinking fund” is provided for the notes, which means that we are not required to redeem or retire the notes periodically. Prior to February 5, 2027, the notes will not be redeemable, except upon the occurrence of certain tax related events as described below. On or after February 5, 2027, we may redeem for cash all or any portion of the notes, at our option, if the last reported sale price (as defined below) of our ADSs has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of optional redemption. However, we may not call less than all of the outstanding notes for optional redemption unless at least $100.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time we send the related notice of optional redemption (such limitation, the “partial redemption limitation”). In the case of any optional redemption, we will provide not less than 15 calendar days’ nor more than 55 calendar days’ written notice before the optional redemption date to the trustee, the paying agent (if other than the trustee), the conversion agent (if other than the trustee) and each holder of notes, and the optional redemption price will be equal to 100% of the principal amount of the