Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 175

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 175
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 in NLS Common Shares and Warrants; •economic weakness, including rising or sustained high interest rates and high inflation, or political instability in particular foreign economies and markets; •business interruptions resulting from a local or worldwide pandemic (such as the COVID -19pandemic), geopolitical instability (such as the war in Ukraine and Israel’s multi -frontwar), and other conditions beyond NLS’s control; •the granting or exercise of employee stock options or other equity awards; and •changes in investors’ and securities analysts’ perception of the business risks and conditions of NLS’s business. In addition, the stock market in general, and Nasdaq in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of small companies. For example, during 2023, the sale prices of its NLS Common Shares ranged from a high of $75.2 per share to a low of $10.4 per share and during 2024, the sale prices of its NLS Common Shares ranged from a high of $23.52 per share to a low of $1.82 per share. During this time, NLS does not believe that NLS has experienced any material changes in its financial condition or results of operations that would explain such price volatility or trading volume; however, NLS has sold equity which was dilutive to existing shareholders. These broad market fluctuations may adversely affect the trading price of its securities. Additionally, these and other external factors have caused and may continue to cause the market price and demand for its NLS Common Shares to fluctuate substantially, which may limit or prevent its shareholders from readily selling their shares and may otherwise negatively affect the liquidity of its shares. NLS has identified material weaknesses in its internal control over financial reporting. If its remediations are not effective, or if NLS experiences additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls in the future, NLS may not be able to accurately or timely report its financial conditions or results or operations, or prevent fraud, which may adversely affect investor confidence in its Company and as a result, the market price of its NLS Common Shares and Warrants. As a public company, NLS is required to maintain internal control over financial reporting and will be required to report any material weaknesses in such internal control. Section 404 of the Sarbanes -OxleyAct of 2002, or the Sarbanes -OxleyAct, requires that NLS include a report from