Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 20

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 20
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 to all changes made with respect to them.

Holders of notes are not entitled to any rights with respect to our ordinary shares or ADSs (including, without limitation, voting rights and rights to receive any dividends or other distributions on our ADSs) prior to the conversion date with respect to any notes they surrender for conversion, but are subject to all changes affecting the ordinary shares or ADSs. Upon conversion, you will be entitled to exercise the rights of a holder of ordinary shares or ADSs only as to matters for which the record date occurs on or after the conversion date. For example, if an amendment is proposed to our Articles of Association requiring shareholder approval and the record date for determining the shareholders of record entitled to vote on the amendment occurs prior to the conversion date with respect to any notes surrendered for conversion, then the holder surrendering such notes will not be entitled to vote on the amendment, although such holder will nevertheless be subject to any changes affecting the ordinary shares or ADSs.

Conversion of the notes may dilute the ownership interest of holders of our ADSs or may otherwise depress the price of our ADSs.

The conversion of some or all of the notes may dilute the ownership interests of holders of our ADSs. Any sales in the public market of our ADSs deliverable upon conversion of the notes could adversely affect prevailing market prices of our ADSs. In addition, the existence of the notes may encourage short selling by market participants because the conversion of the notes could be used to satisfy short positions, or anticipated conversion of the notes into our ADSs could depress the price of our ADSs.

Upon conversion of the notes, you may receive less valuable consideration than expected because the value of our ADSs may decline after you exercise your conversion right but before we settle our conversion obligation.

Under the notes, a converting holder will be exposed to fluctuations in the value of our ADSs during the period from the date such holder surrenders notes for conversion until the date we settle our conversion obligation.

Upon conversion of the notes, except in the circumstances described in the section titled “Description of Notes—Conversion Rights—Conversion Share Limitations,” we will be required to deliver ADSs, together with a cash payment in lieu of any fractional ADS, if applicable, on the third business day following the relevant conversion date. Accordingly, if the price of our ADSs decreases during this period, the value of ADSs a holder receives will be adversely affected and would be less than the value of the ADSs underlying the notes on the conversion date.

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