Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 66

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 66
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 not be listed or may be delisted, which could negatively impact the price of its securities
and your ability to sell them.

Under the Merger Agreement,
each party’s obligation to complete the Merger is subject to the satisfaction or waiver of various conditions, including common
shares shall remain listed on the Nasdaq and shall not be subject to a delisting notice from Nasdaq. The notification form for the listing
of common shares to be issued in connection with the Merger shall have been accepted and approved (subject to official notice of issuance),
and the Nasdaq listing application for initial listing of NLS following the Merger and of common shares being issued pursuant to the Merger
Agreement shall have been approved.

NLS is currently seeking to
have its securities approved for listing on Nasdaq in connection with the Merger. NLS cannot assure you that it will be able to meet those
initial listing requirements at the time of the Closing. Even if NLS’s securities are listed on Nasdaq, it cannot assure you that
its securities will continue to be listed on Nasdaq. In addition, following the Merger, to maintain its listing on Nasdaq, NLS will be
required to comply with certain continued listing standards of Nasdaq including those regarding minimum shareholders’ equity, minimum
share price, minimum market value of publicly held shares, minimum number of shareholders and various additional requirements. Even if
NLS initially meets the listing requirements and other applicable rules of Nasdaq, NLS may not be able to continue to satisfy these requirements
and applicable rules. If NLS is unable to satisfy Nasdaq criteria for maintaining its listing, its securities could be subject to delisting.

If Nasdaq does not list NLS’s
securities, or subsequently delists its securities from trading, NLS could face significant consequences, including:

  failure to satisfy a closing condition to the Merger and the  

  a limited availability for market quotations for its securities;  

  reduced liquidity with respect to its securities;  

  a determination that its Common Shares are “penny stock,”                                                                                    

  limited amount of news and analyst coverage; and  

  a decreased ability to issue additional securities or obtain  
  additional financing in the future.                           
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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