Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 146

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 146
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 a “large accelerated filer”
as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates
exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (c) the date on which we have
issued more than $1 billion in nonconvertible debt during the preceding three-year period.

We are a foreign private
issuer as defined by the rules under the Securities Act and the Exchange Act. Our status as a foreign private issuer also exempts us
from compliance with certain laws and regulations of the SEC and certain regulations of Nasdaq, including the proxy rules, the
short-swing profits recapture rules, and certain governance requirements such as independent director oversight of the nomination of
directors and executive compensation. In addition, we are not required to file annual, quarterly and current reports and financial
statements with the SEC as frequently or as promptly as U. S. domestic companies registered under the Exchange Act.

Starting the last quarter
of 2023, we began to adjust our workforce, primarily comprised of consultants. On March 20, 2024, we announced that we had secured Exclusive
Global License for Next-Generation Non-Sulfonamide Dual Orexin Agonist Platform. On March 22, 2024, we announced the closing of $1.75
Million Registered Direct Offering.

Agreement and Plan of Merger
with Kadimastem

On November 4, 2024, the Company,
Merger Sub and Kadimastem entered into the Merger Agreement, pursuant to which (i) Merger Sub will merge with and into Kadimastem, with
Kadimastem as the surviving company, and (ii) at the effective time of the Merger, or the Effective Time, each issued and outstanding
Kadimastem Ordinary Share, will be exchanged for and automatically converted into the right to receive from the Company that certain number
of fully paid and nonassessable common shares as calculated in accordance with the terms of the Merger Agreement, or the Exchange Ratio.
The initial Exchange Ratio fully diluted share split resulted in Kadimastem shareholders holding approximately 85% of the issued and outstanding
common shares, subject to certain adjustments as of the closing of the Merger, or the Closing, including as a result of estimated closing
cash of NLS and Kadimastem