Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 65

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 65
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 this type could result in substantial costs and diversion of management’s
attention and resources, which could seriously hurt our business. Any adverse determination in litigation could also subject us to significant
liabilities.

Sales of a substantial number of shares
of our common shares in the public market by our existing shareholders could cause our share price to fall.

Sales of a substantial
number of our common shares in the public market or the perception that these sales might occur, could depress the market price of
our common shares and could impair our ability to raise capital through the sale of additional equity securities. We are unable to
predict the effect that sales may have on the prevailing market price of our common shares. In addition, shares held by our
shareholders prior to our initial public offering may be available for re-sale as the lock up period set forth in certain lock-up
agreements executed by certain company insiders relating to our initial public offering has expired. In addition, shares issued or
issuable upon exercise of vested options and exercised Warrants as of the expiration of the lock-up period are eligible for sale.
Sales of shares by these shareholders could have a material adverse effect on the trading price of our common shares.

If securities or industry analysts do not
publish or cease publishing research reports about us, our business or our market, or if they adversely change their recommendations or
publish negative reports regarding our business or our shares and Warrants, the trading prices of our shares and Warrants and trading
volume of our shares and Warrants could decline.

The trading market for our
common shares and Warrants will be influenced by the research reports that industry or securities analysts may publish about us, our business,
our market or our competitors. We do not have any control over these analysts and we cannot provide any assurance that analysts will cover
us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding our shares and
Warrants, or provide more favorable relative recommendations about our competitors, the trading price of our shares and Warrants would
likely decline. If any analyst who may cover us were to cease coverage of our Company or fail to regularly publish reports on us, we could
lose visibility in the financial markets, which in turn could cause the trading price of our shares and Warrants and trading volume of
our shares and Warrants to decline.

Risks Related to the Merger

If NLS cannot satisfy, or continue to satisfy, the initial listing requirements and
other rules of Nasdaq, NLS’s securities may