Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 109

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 109
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 interested
party investments in the Company, as applicable) during the period that began after the completion of this issuance and ends on October
30, 2021 (see Note 18F).

The warrants’ value, USD $2,389,000,
was determined according to the Black-Scholes model based on the following assumptions:

| Expected share price volatility (%) |     | 74% - 75%    |
| Risk-free interest rate (%)         |     | 0.1%         |
| Share price (USD)                   |     | 1.129 - 1.05 |

As of August 28, 2021, the receipt of
the total Consideration according to the investment agreements was completed, at USD $6,859 thousand, and after deducting the issuance
expenses, USD $346,000, the Company received a total of USD $6,513,000.

On April 30, 2023, 3,930,876 non-marketable
equity-based Series B1 and B2 warrants expired.

| F. | On October 21, 2021, the Company’s Board of Directors gave its approval, following approval of the                                           
 audit committee, for a private investment in the Company in the aggregate amount of USD $2.94 million (NIS 9.45 million) by way of a private 
 placement and the exercise of non-marketable warrants (Series A).                                                                            |

In accordance with the investment agreement,
the 5 investors who had participated in the April 25, 2021 private placement led by Clover and Alpha Fund would exercise their Series
A warrants early. In exchange for investors immediately exercising their Series A Warrants, in a total amount of USD $2.94, whose expiration
date is July 31, 2022, and accordingly would inject an investment into the Company that totals USD $2.94 million, in return, such investors
would be issued 2,158,783 Series C warrants, with an exercise price per warrant of USD $2 (NIS 7) until December 31, 2023.

Until December 31, 2021, 1,466,087 non-marketable
Series A warrants were exercised, for which the Company received a total of USD $1,600 thousand. The fair value of the warrants, USD $604
thousand, was credited to share premium.

On January 10, 2022, the investment mentioned
above was completed as