Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 36

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 36
---
deem immaterial may also impair our business operations. Our business, financial condition and results of operations could be materially
adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose
all or part of your investment. The discussion of risks includes or refers to forward-looking statements; you should read the explanation
of the qualifications and limitations on such forward-looking statements discussed elsewhere in this prospectus.

Risks Related to the Merger

Failure to consummate the Merger as currently contemplated or at all could adversely affect the price of Common Shares or Kadimastem Ordinary Shares and the future business and financial results of NLS and Kadimastem.

The Merger may be consummated
on terms different than those contemplated by the Merger Agreement, or the Merger may not be consummated at all. If the Merger is not
completed, or is completed on different terms from those contemplated by the Merger Agreement, NLS and Kadimastem could be adversely affected
and subject to a variety of risks associated with the failure to consummate the Merger, or to consummate the Merger as contemplated by
the Merger Agreement, including the following:

| ● | the NLS shareholders and the Kadimastem shareholders may be prevented from realizing the anticipated benefits of the Merger; |

| ● | the market price of our Common Share or Kadimastem Ordinary Shares could decline significantly; |

| ● | reputational harm due to the adverse perception of any failure to successfully consummate the Merger; |

| ● | incurrence of substantial costs relating to the proposed Merger, such as legal, accounting, financial advisor, filing, printing and mailing fees, and, in certain cases, the payment by NLS of a termination fee to NLS; and |

| ● | the attention of NLS’ and Kadimastem’s management and employees may be diverted from their day-to-day business and operational matters as a result of efforts relating to attempting to consummate the Merger. |

Any delay in the consummation
of the Merger or any uncertainty about the consummation of the Merger on terms other than those contemplated by the Merger Agreement,
or if the Merger is not completed, could materially adversely affect the business, financial results and share price of NLS and Kadimastem.

The ownership interests of NLS and Kadimastem shareholders will be diluted by the consumm