Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 120

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 120
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, “the fundraising”), with USD $2 million of the total fundraising completed
as of the date of [these financial statements], and the remaining amount of up to USD $1 million, subject to the registration of the Shares
and the approval of the NLS shareholders’ meeting, as part of the actions being taken towards completion. At the same time, a framework
agreement for an investment of USD $25 million in NLS was also signed.

The purpose of the aforementioned fundraising
efforts is to secure financing for the merger transaction and for post-merger working capital, as well as other general objectives.

The completion of the fundraising round
and the signing of the aforementioned framework agreement for investment, along with the previous private fundraising rounds conducted
by NLS in a joint effort with the Company in October 2024 and January 2025, amount to a total of approximately USD $6.7 million, as well
as an additional future investment framework of USD $25 million. These represent a significant milestone in the efforts to complete the
merger transaction, strengthen the equity of the Merged Company, and develop the Company’s products following the completion of
the merger transaction, including the conduct of clinical trials.

| C. | Conversion Notice re- Convertible Loan into Company Shares, in the Amount of USD $560,479 |

On April 14, 2025, the Company announced
that, Mr. Julien Ruggieri, a significant shareholder in the Company, provided the Company a written notice of his decision to convert
the remaining USD $500,000 principal balance of the convertible loan granted by him to the Company, excluding accrued interest of USD
$60,479, into 279,952 ordinary shares of the Company, no par value and 349,940 non-listed warrants, exercisable into ordinary shares (the
“Ruggieri Warrants”). The conversion was carried out in accordance with the terms of the convertible loan agreement dated
November 22, 2023.

As a result of the accrued interest amounting
at USD $60,479 (approximately NIS 222,867), on May 4, 2025, the Company announced that it will issue to Mr. Ruggieri 36,233 ordinary shares,
no par value; and 9,960 non-listed Ruggieri Warrants, exercisable into ordinary shares. The Ruggieri Warrants shall have an exercise price
equal to 110% of the conversion price (NIS