Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 22

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 22
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 of tax redemption, as the case may be, and as described in the section titled “Description of Notes—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change, Notice of Optional Redemption or Notice of Tax Redemption.” The increase in the conversion rate for notes converted in connection with a make-whole fundamental change or notes called (or deemed called) for redemption that are converted in connection with such notice of redemption or for notes converted in connection with a notice of tax redemption may not adequately compensate you for any lost value of your notes as a result of such transaction or redemption. Furthermore, if we call only a portion of the outstanding notes for optional redemption, only the conversion rate of those notes called (or deemed called) for redemption and converted in connection with such notice of optional redemption will be increased. Accordingly, notes not called for optional redemption (or not deemed called) will remain outstanding and may have reduced liquidity and a resulting reduced trading price and if otherwise converted by the holder thereof will not have the benefit of such increased conversion rate on account of such notice of optional redemption. In addition, if the “ADS price” (as defined in the section titled “Description of Notes—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change, Notice of Optional Redemption or Notice of Tax Redemption”) is greater than $660.00 per ADS or less than $67.64 per ADS (in each case, subject to adjustment), no additional ADSs will be added to the conversion rate. Moreover, in no event will the conversion rate per $1,000 principal amount of notes as a result of this adjustment exceed 14.7841 ADSs, subject to adjustment in the same manner as the conversion rate as set forth in the section titled “Description of Notes—Conversion Rights—Conversion Rate Adjustments.”

Our obligation to increase the conversion rate for notes converted in connection with a make-whole fundamental change or notes called (or deemed called) for redemption that are converted during the related redemption period could be considered a penalty, in which case the enforceability thereof would be subject to general principles of reasonableness and equitable remedies.**

**The conversion rate of the notes may not be adjusted for all dilutive events.**

The conversion rate of the notes is subject to adjustment for certain events, including, but not limited to, the issuance of certain share dividends on our ordinary shares, the issuance of certain rights or warrants, subdivisions, combinations, distributions of shares, indebtedness, or assets, cash dividends and certain