Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 37

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 37
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 through the issuance of not more than 2,321,134 registered shares with a nominal
value of CHF 0.03 each (common shares) (1,603,124 Common Shares as of December 31, 2024), which would have to be fully paid-in, by the
exercise of option rights granted to new shareholders in connection with a public offering of the Company and the listing of the shares.
Shareholders will not have pre-emptive subscription rights in such circumstances. The holders of convertible bonds are entitled to the
new shares upon the occurrence of the applicable conversion feature. Warrants that have been exercised in the meantime are not yet reflected
in the articles of association of the Company by means of an increase of the issued share capital and the respective reduction of the
conditional share capital.

When issuing convertible bonds,
the board of directors is authorized to withdraw or to limit the advance subscription right of shareholders to subscribe to the convertible
bond issuance:

| ● | for the purpose of financing or refinancing the                                                                        
 acquisition of enterprises, divisions thereof, or of participations or of newly planned investments of the Company; or |

| ● | if the issuance occurs in domestic or international 
 capital markets, including private placements.      |

To the extent that the advance
subscription rights are withdrawn, (i) the convertible bonds are to be issued at market conditions; (ii) the term to exercise
the option or conversion rights may not exceed ten years as of the date of the convertible bond issue and twenty years for conversion
rights; and (iii) the exercise price for the new shares must at least correspond to the market conditions at the time of the convertible
bond issuance. The exercise of the conversion or option rights and the waiver of these rights shall be in writing or electronically.
The electronic exercise or waiver does not require a qualified electronic signature.

<div align='center'>19</div>

Conditional Share Capital for Employee and Advisory Options

As per our current version
of the articles of association as of the date of this prospectus, our nominal share capital may, to the exclusion of the pre-emptive subscription
rights of shareholders, be increased out of the conditional share capital of the Company by a maximum aggregate amount of CHF 1,650.00
(CHF 42,182 as of December 31, 2024) through the issuance of not more than 55,000 registered Common Shares with a nominal value of CHF
0.03 each (2,108,100 Common Shares