Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 59

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 59
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 that the current Swiss law with respect to distributions
out of qualifying capital contributions will not be changed or that a change in Swiss law will not adversely affect us or our shareholders,
in particular as a result of distributions out of qualifying capital contributions becoming subject to additional corporate law or other
restrictions. In addition, over the long term, the amount of par value available to us for nominal value reductions or qualifying capital
contributions available to us to pay out as distributions is limited. If we are unable to make a distribution through a reduction in nominal
value or out of qualifying capital contributions, we may not be able to make distributions without subjecting our shareholders to Swiss
withholding taxes.

Our securities are not listed in Switzerland,
our home jurisdiction. As a result, our shareholders will not benefit from certain provisions of Swiss law that are designed to protect
shareholders in a public takeover offer or a change-of-control transaction and may not be protected in the same degree in a public takeover
offer or a change-of-control transaction as are shareholders of certain U. S. companies or in a Swiss company listed in Switzerland.

Because our securities are
listed exclusively on Nasdaq and not in Switzerland, our shareholders will not benefit from the protection afforded by certain provisions
of Swiss law that are designed to protect shareholders in the event of a public takeover offer or a change-of-control transaction. For
example, Article 120 of the Swiss Financial Market Infrastructure Act and its implementing provisions require investors to disclose their
interest in our company if they reach, exceed or fall below certain ownership thresholds. Similarly, the Swiss takeover regime imposes
a duty on any person or group of persons who acquires more than one-third of a company’s voting rights to make a mandatory offer
for all of the company’s outstanding listed equity securities. In addition, the Swiss takeover regime imposes certain restrictions
and obligations on bidders in a voluntary public takeover offer that are designed to protect shareholders. However, these protections
are applicable only to issuers that list their equity securities in Switzerland and, because our securities are listed exclusively on
Nasdaq, will not be applicable to us. Furthermore, since Swiss law restricts our ability to implement rights plans or U. S.-style “poison
pills,” our ability to resist an unsolicited takeover attempt or to protect minority shareholders in the event of a change of control
transaction may be limited. Therefore, our shareholders may not be protected in the same degree in a public takeover offer or a change-of-control
transaction as are shareholders