Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 24

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 24
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 be beneficial to investors.**

**We cannot assure you that an active trading market will develop and be maintained for the notes.**

The notes are listed on The International Stock Exchange under the symbol “IMMUNO30.” However, this listing does not guarantee that a trading market will develop or be maintained, In addition, the liquidity of the trading market in the notes, and the market price quoted for the notes, may be adversely affected by changes in the overall market for this type of security and by changes in our financial performance or prospects or in the prospects for companies in our industry generally. As a result, we cannot assure you that an active trading market will develop and be maintained for the notes. If an active trading market does not develop or is not maintained, the market price and liquidity of the notes may be adversely affected. In that case, you may not be able to sell your notes at a particular time or you may not be able to sell your notes at a favorable price.

**Any adverse rating of the notes may cause their trading price to fall.**

**We do not intend to seek a rating on the notes. However, if a rating service were to rate the notes and if such rating service were to lower its rating on the notes below the rating initially assigned to the notes or otherwise announces its intention to put the notes on credit watch, the trading price of the notes could decline.

If you are a U.S. holder of notes, you may be subject to tax if we adjust, or fail to adjust, the conversion rate of the notes, even though you will not receive a corresponding cash distribution.

We will adjust the conversion rate of the notes for certain events, including the payment of cash dividends. If we adjust the conversion rate as a result of a dividend that is taxable to holders of the ADSs or our ordinary shares, such as a cash dividend, then, if you are a U.S. holder of notes, you may be deemed, for U.S. federal income tax purposes, to have received a taxable dividend to the extent of our earnings and profits, without the receipt of any cash. In addition, if you are such a U.S. holder and we do not adjust (or do not adjust adequately) the conversion rate after an event that increases your proportionate interest in us, then you could be treated as having received a deemed taxable dividend. If a make-whole fundamental change occurs prior to the maturity date or we deliver a notice of optional redemption or notice of tax redemption, under some circumstances we will increase