Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 180

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 180
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 including: •failure to satisfy a closing condition to the Merger and the inability to therefore complete the Merger; •a limited availability for market quotations for its securities; •reduced liquidity with respect to its securities; •a determination that its NLS Common Shares are “penny stock,” which will require brokers trading in its NLS Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the NLS Common Shares; •limited amount of news and analyst coverage; and •a decreased ability to issue additional securities or obtain additional financing in the future. Failure to comply with Nasdaq rules, the delisting of NLS’s securities from Nasdaq or the inability to complete the Merger could materially adversely affect the business, financial results and share price of NLS. Following the closing of the Merger, NLS may lose its foreign private issuer status, which would then require it to comply with the domestic reporting requirements of the Exchange Act, and cause it to incur significant legal, accounting and other expenses. In order to maintain NLS’s status after the completion of the Merger as a foreign private issuer, either (i) a majority of its ordinary shares must be either directly or indirectly owned of record by non -residentsof the United States; or (ii) (a) a majority of its executive officers or directors may not be United States citizens or residents, (b) more than 50% of its assets cannot be located in the United States and (c) its business must be administered principally outside the United States. If it lost this status, it would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. Among other things, NLS would be required under current SEC rules to prepare its financial statements in accordance with generally accepted accounting principles in the United States, which would involve significant time and cost and could result in variations, which could be material, between historical financial results and as reported under U.S. GAAP. It may also be required to make changes in its corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to NLS under U.S. securities laws if it is required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost it would incur as a foreign private issuer. As a result, NLS expects that a loss of foreign private