Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 156

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 156
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 the continued listing requirements over time and that NLS Common Shares will continue to be listed on Nasdaq. NLS can give no assurance that it will be able to satisfy the continued listing requirements of Nasdaq in the future, including but not limited to the corporate governance requirements and the minimum closing bid price requirement or the minimum equity requirement. On March31, 2022, NLS received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying us that, based on NLS’s shareholders’ equity of $542,388 as of December31, 2021, NLS was no longer in compliance with the minimum shareholders’ equity requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain shareholders’ equity of at least $2.5million. On May16, 2022, NLS submitted its proposed plan of compliance to Nasdaq to achieve and sustain 57 compliance with the foregoing listing requirement. On May27, 2022, NLS received a notice from Nasdaq advising that NLS was granted an extension to regain compliance with the shareholders’ equity requirement until September27, 2022. The Nasdaq listing rules require a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market pursuant to the newly adopted Nasdaq Listing Rule 5550(a)(2), or the Minimum Bid Price Requirement. Normally, a company is afforded a 180 -calendarday period to regain compliance with the Minimum Bid Price Requirement. However, pursuant to the newly adopted Nasdaq Listing Rule 5810(c)(3)(A)(iv), or the Reverse Split Limitation Rule, a company that has effected two reverse stock splits over the prior two -yearperiod with a cumulative ratio exceeding 250shares to one is ineligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A). Accordingly, we may not be able to regain compliance with the Minimum Bid Price Requirement. If NLS is delisted from Nasdaq, it would likely have a negative effect on its market price and impair an investor’s ability to buy or sell shares when desired. In the event of a delisting, there can be no assurance that any action taken by us to restore compliance with Nasdaq’s listing requirements would result in relisting, stabilize the market price or improve liquidity, prevent NLS Common Shares from falling below the Minimum Bid Price Requirement, or prevent future non -compliancewith Nasdaq’s