Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 72

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 72
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 circumstances as they exist at that time.

The Merger may be completed even though
material adverse changes subsequent to the announcement of the Merger, such as industry-wide changes or other events, may occur.

In general, the parties
to the Merger can refuse to complete the Merger if there is a material adverse change affecting the other party. However, some types
of changes do not permit NLS and Kadimastem to refuse to complete the Merger, even if such changes would have a material adverse
effect on any of the parties involved in the Merger. For example, if there are changes in general national or international
economic, financial, political or business conditions, NLS and Kadimastem would not have the right to refuse to complete the Merger.
If adverse changes occur that affect the Merger but the parties are still required to complete the Merger, NLS’s share price,
business and financial results after the completion of the Merger may suffer.

NLS will have limited protection in the
event that any of the representations and warranties made by Kadimastem ultimately proves to be inaccurate or incorrect.

NLS will have limited protection
if any representation or warranty made by Kadimastem in the Merger Agreement proves to be inaccurate or incorrect, and such representations
and warranties will not survive the closing. Accordingly, to the extent such representations or warranties are incorrect, NLS would have
limited or no indemnification claims with respect thereto, may not recover any damages it may have suffered, and may not have sufficient
cash on hand or other resources to seek to pursue an alternative strategic transaction or avoid the dissolution and liquidation of NLS
in the event that the Merger does not close.

Each of NLS and Kadimastem prior to the
closing of the Merger expects to, and NLS following the closing of the Merger may, incur significant costs in connection with the Merger.

Each of NLS and Kadimastem
prior to the closing of the Merger expects to, and NLS following the closing of the Merger may, incur significant costs in connection
with the Merger, and may incur other unanticipated costs. While each company has assumed that a certain level of transaction and integration
expenses will be incurred, there are factors beyond each company’s control that could affect the total amount or the timing of those
expenses. Many of the expenses that may be incurred, by their nature, are difficult to estimate accurately at the current time.