Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 52

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 52
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 for a U. S. taxpayer to make a timely QEF or mark-to-market election. U. S. taxpayers that have held
the common shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent
years, subject to exceptions for U. S. taxpayer who made a timely QEF or mark-to-market election. A U. S. taxpayer can make a QEF election
by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto. We intend to make available
to U. S. taxpayers upon request the information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election
for any year in which we or any of our subsidiaries are a PFIC. U. S. taxpayers that hold the common shares are strongly urged to consult
their tax advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them
of making a QEF or mark-to-market election with respect to the common shares in the event that we are a PFIC. See Item 10. E. “ Taxation-U. S.
Federal Income Tax Consequences-Passive Foreign Investment Companies” for additional information.

We have not paid, and do not intend to pay,
dividends on our common shares and, therefore, unless our traded securities appreciate in value, our investors may not benefit from holding
our common shares.

We have never declared or
paid cash dividends on our common shares. We do not anticipate paying any cash dividends on our common shares in the foreseeable future.
Moreover, Swiss Law imposes certain restrictions on our ability to declare and pay dividends. See Item 8. A. “ Dividends” for
additional information.

Our failure to meet the continued listing requirements Nasdaq
could result in a delisting of our securities or us seeking to transfer our listed securities to a different exchange.

On January 9, 2024, we
received a letter from the staff (the “ Staff”) of the Listing Qualifications Department of Nasdaq indicating that we did
not meet the minimum of $2.5 million in shareholders’ equity required for continued listing on Nasdaq pursuant to Nasdaq
Listing Rule 5550(b)(1) or the alternative compliance standards relating to the market value of listed securities or net income from
continuing operations, or the Minimum Stockholders’ Equity Requirement. The letter also