Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 290

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 290
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 on Net Investment Income

U. S. Holders who are individuals,
estates or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income (including dividends on and gains
from the sale or other disposition of our common shares), or in the case of estates and trusts on their net investment income that is
not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U. S. Holder’s total adjusted income exceeds
applicable thresholds.

Tax Consequences for Non-U. S. Holders of Common
Shares and Warrants

Except as provided below,
an individual, corporation, estate or trust that is not a U. S. Holder referred to below as a non-U. S. Holder, generally will not be subject
to U. S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of, our common shares.

A non-U. S. Holder may be subject
to U. S. federal income tax on a dividend paid on our common shares (but not Warrants) or gain from the disposition of our common shares
and Warrants if: (1) such item is effectively connected with the conduct by the non-U. S. Holder of a trade or business in the United States
and, if required by an applicable income tax treaty is attributable to a permanent establishment or fixed place of business in the United
States; or (2) in the case of a disposition of our common shares and Warrants, the individual non-U. S. Holder is present in the United
States for 183 days or more in the taxable year of the disposition and other specified conditions are met.

In general, non-U. S. Holders
will not be subject to backup withholding with respect to the payment of dividends on our common shares if payment is made through a paying
agent, or office of a foreign broker outside the United States. However, if payment is made in the United States or by a U. S. related
person, non-U. S. Holders may be subject to backup withholding, unless the non-U. S. Holder provides an applicable IRS Form W-8 (or a substantially
similar form) certifying its foreign status, or otherwise establishes an exemption.

The amount of any backup withholding
from a payment to a non-U. S. Holder will be allowed as a credit against such holder’s U. S. federal income tax liability and may