Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 146

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 146
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 Market.

(a) Exchange Cap. The Company shall not issue or sell any Common Shares pursuant to this Agreement, and the Investor shall not purchase or
acquire any Common Shares pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of Common Shares
that would be issued pursuant to this Agreement and the transactions contemplated hereby would exceed the amount of Common Shares representing
19.99% of the voting power or number of Common Shares, issued and outstanding immediately prior to the execution of this Agreement, which
number of shares shall be reduced, on a share-for-share basis, by the number of Common Shares issued or issuable pursuant to any transaction
or series of transactions that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Principal
Market (such maximum number of shares, the “Exchange Cap”), unless the Company is entitled to rely on a Nasdaq
Home Country exemption or if the Company’s shareholders have approved the issuance of Common Shares pursuant to this Agreement in
excess of the Exchange Cap in accordance with the applicable rules of the Principal Market, unless “average price” of all
purchases under the Purchase Agreement equals or exceeds the Minimum Price, adjusted to take into account the Commitment Shares such that
issuances and sales of Common Stock under this Agreement are deemed “at market” pursuant to the corporate governance rules
of the Principal Market. If the Company issues shares above the Exchange Cap in reliance on this clause, the “average price”
of all purchases under the Purchase Agreement for the remainder of the term of the Purchase Agreement must always equal or exceed the
Minimum Price. For the avoidance of doubt, the Company may, but shall be under no obligation to, request its shareholders to approve the
issuance of Common Shares pursuant to this Agreement; , that if such shareholder approval is not obtained, the Exchange
Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all times during the term of this
Agreement.

(b) General.
The Company shall not issue or sell any Common Shares pursuant to this Agreement if such issuance or sale would reasonably be expected
to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Principal Market.

Section 3.4. Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Investor shall not be obligated
to purchase or acquire, and shall not purchase or acquire, any Common Shares under this Agreement which, when