Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 49

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 49
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 of our common shares
ranged from a high of $75.2 per share to a low of $10.4 per share and during 2024, the sale prices of our common shares ranged from
a high of $23.52 per share to a low of $1.82 per share. During this time, we do not believe that we have experienced any material
changes in our financial condition or results of operations that would explain such price volatility or trading volume; however, we
have sold equity which was dilutive to existing shareholders. These broad market fluctuations may adversely affect the trading price
of our securities. Additionally, these and other external factors have caused and may continue to cause the market price and demand
for our common shares to fluctuate substantially, which may limit or prevent our shareholders from readily selling their shares and
may otherwise negatively affect the liquidity of our shares.

We have identified material weaknesses in
our internal control over financial reporting. If our remediations are not effective, or if we experience additional material weaknesses
in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately or
timely report our financial conditions or results or operations, or prevent fraud, which may adversely affect investor confidence in our
Company and as a result, the market price of our common shares and Warrants.

As a public company, we are
required to maintain internal control over financial reporting and will be required to report any material weaknesses in such internal
control. Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, requires that we include a report from management on
the effectiveness of our internal control over financial reporting in our annual report on Form 20-F. In addition, once we cease to be
an EGC as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting. According to the U. S. Public Company Accounting Oversight Board, a material weakness
is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility
that a material misstatement of our financial statements will not be prevented or detected on a timely basis. If we fail to remediate
the material weaknesses, or are otherwise unable to maintain effective internal control over financial reporting, management could be
required to expend significant resources and we could fail to meet our public reporting requirements