Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 83

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 83
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 of the Company (not including
any shares of voting stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share exchange agreement or other business combination), or (E) reorganize, recapitalize
or reclassify the Common Shares, or (ii) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the Exchange Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by
issued and outstanding voting stock of the Company.

(iii) . If the Company or any Subsidiary, as applicable sells or grants any option to purchase or sells or grants any right to reprice,
or otherwise sells or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Shares or Common
Shares Equivalents entitling any Person to acquire shares of Common Shares at an effective price per share that is lower than the then
Conversion Price (such lower price, the “Base Conversion Price” and such issuances, collectively, a “Dilutive Issuance”) (if the holder of the Common Shares or Common Shares Equivalents so issued shall at any time, whether by operation
of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Shares at an effective
price per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price
on such date of the Dilutive Issuance), then simultaneously with the consummation of each Dilutive Issuance the Conversion Price shall
be reduced to equal the Base Conversion Price. Notwithstanding the foregoing, no adjustment will be made under this Section 4.30(b)(iii)
in respect of an Exempt Issuance. The Company shall promptly notify the Holders in writing no later than one (1) Trading Day after the
issuance of any Common Shares or Common Shares Equivalents subject to this Section 4.30(b)(iii), indicating therein the applicable issuance
price, applicable reset