Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 71

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 71
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 adversely
affect the future business and financial results of NLS.

The consummation of the Merger
is subject to the satisfaction or waiver of a number of conditions, including, among others, that the representations and warranties of
the parties are true and correct in all respects as of the closing date, NLS has at least $600,000 in gross funds (including cash in any
of its bank accounts) plus any proceeds received by NLS from certain parties in connection with its financing transactions undertake after
the execution of the Merger Agreement, Kadimastem has at least $3,500,000 in gross funds (including cash in any of its bank accounts)
minus any proceeds received by NLS from certain parties in connection with its financing transactions undertaken after the execution of
the Merger Agreement, Kadimastem’s receipt of certain tax rulings provided by Israeli Tax Authority and ISA, and approval of the
Merger Agreement and terms of the Merger by Kadimastem’s shareholders. These conditions make the completion, and the timing of the
completion, of the Merger uncertain. Kadimastem has already received a draft tax ruling from the Israeli Tax Authority and believes that
it will obtain the final ruling prior to NLS’s shareholders’ approval of the Merger. Further, the shareholders of Kadimastem
have approved the Merger.

However, NLS and Kadimastem
cannot provide assurance that the Merger will be consummated on the terms or timeline currently contemplated, or at all. If the Merger
is not completed on a timely basis, or at all, NLS may be adversely affected and subject to a number of risks, including the time and
resources committed by NLS’s respective management to matters relating to the Merger could otherwise have been devoted to pursuing
other opportunities.

NLS or Kadimastem may waive one or more
of the conditions to the Merger without re-soliciting shareholder approval.

NLS or Kadimastem may determine
to waive, in whole or in part, one or more of the conditions to its obligation to consummate the Merger. Any determination whether to
waive any condition to the Merger and whether to re-solicit shareholder approval or amend the related proxy statement/prospectus or Registration
Statement on Form F-4 as a result of a waiver will be made by NLS or Kadimastem, as applicable, at the time of such waiver based on the
facts and