Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 201

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 201
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ances and sales of Common Stock under this Agreement are deemed “at market”
pursuant to the corporate governance rules of the Principal Market.

(ix) Shares Authorized and Delivered. All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have been duly authorized
by all necessary corporate action of the Company. All Shares relating to all prior VWAP Purchase Notices required to have been received
by the Investor as DWAC Shares under this Agreement prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable
VWAP Purchase shall have been delivered to the Investor as DWAC Shares in accordance with this Agreement.

<div align='center'>43</div>

(x) Bring-Down Opinions of Company Counsel, Bring-Down Comfort Letters and Compliance Certificates. The Investor shall have received (a) all
Bring-Down Opinions from Swiss Counsel and United States Counsel for which the Company was obligated to instruct its Swiss Counsel and
United States Counsel to deliver to the Investor prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable
VWAP Purchase, (b) all Bring-Down comfort letters provided by the Company’s auditors and delivered to the Investor prior to the
applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase and (c) all Compliance Certificates from the Company
that the Company was obligated to deliver to the Investor prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable
VWAP Purchase, in each case in accordance with Section 6.15.

(xi) Material Non-Public Information. Neither the Company nor, in the Investor’s sole discretion, the Investor, shall be in possession
of any material non-public information concerning the Company.

<div align='center'>ARTICLE VIII

TERMINATION</div>

Section 8.1. Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest to
occur of (i) the first day of the month next following the 36-month anniversary of the date of this Agreement, (ii) the date on which
the Investor shall have purchased the Total Commitment worth of Shares pursuant to this Agreement, (iii) the date on which the Common
Shares shall have failed to be listed or quoted on the Principal Market or any other Principal Market, (iv) the thirtieth (30)
Trading Day next following the date on which, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary
case or