Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 236

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 236
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 the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

2.2. Exercise Price.
The aggregate exercise price of this Warrant, except for a nominal exercise price of CHF 0.03 per Warrant Share, subject to adjustment
hereunder (such nominal exercise price, the “Exercise Price”), was pre-funded to the Company on or prior to the Initial Exercise
Date and, consequently, no additional consideration (other than such Exercise Price) shall be required to be paid by the Holder to any
Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such
pre-paid aggregate exercise price under any circumstance or for any reason whatsoever.

2.3. Cashless Exercise.
This Warrant may also be exercised, in whole or in part, by means of a “cashless exercise” in which the Holder shall be entitled
to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A)= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) delivered pursuant to Section 2.1 hereof on a Calendar Day that is not a Trading Day or (2) delivered pursuant to Section
2.1 hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise or (z) the highest Bid Price of the Common Shares on the principal Trading Market
as reported by Bloomberg L.P. within two (2) hours of the Holder’s delivery of the Notice of Exercise pursuant to Section 2.1 hereof
if such Notice of Exercise is delivered during “regular trading hours,” or within two (2) hours after the close of “regular
trading hours” on a Trading Day or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of
Exercise is a Trading Day and such Notice of Exercise is delivered pursuant to Section 2.1 hereof two (2) or