Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 284

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 284
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ulgated thereunder, administrative and judicial interpretations thereof, (including
with respect to the TCJA), and the U. S./Switzerland Income Tax Treaty, all as in effect as of the date hereof and all of which are subject
to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the
IRS with regard to the U. S. federal income tax treatment of an investment in our common shares by U. S. Holders and, therefore, can provide
no assurances that the IRS will agree with the conclusions set forth below.

This discussion does not
address all of the aspects of U. S. federal income taxation that may be relevant to a particular U. S. holder based on such
holder’s particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state,
local, excise or foreign tax considerations. In addition, this discussion does not address the U. S. federal income tax treatment of
a U. S. Holder who is: (1) a bank, life insurance company, regulated investment company, or other financial institution or
“financial services entity;” (2) a broker or dealer in securities or foreign currency; (3) a person who acquired our
common shares or Warrants in connection with employment or other performance of services; (4) a U. S. Holder that is subject to the
U. S. alternative minimum tax; (5) a U. S. Holder that holds our common shares or Warrants as a hedge or as part of a hedging,
straddle, conversion or constructive sale transaction or other risk-reduction transaction for U. S. federal income tax purposes; (6)
a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) a U. S. Holder that expatriates out of the United
States or a former long-term resident of the United States; or (9) a person having a functional currency other than the U. S. dollar.
This discussion does not address the U. S. federal income tax treatment of a U. S. Holder that owns, directly or constructively, at
any time, common shares representing 10% or more of our voting power. Additionally, the U. S. federal income tax treatment of
partnerships (or other pass-through entities) or persons who hold common shares through a partnership or other pass-through entity