Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 457

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 457
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 such capital will be available within a sufficient period of time, in sufficient amounts or on terms acceptable to us. These conditions raise substantial doubt about our ability to continue as a going concern beyond one year from the date of issuance of our 2024 consolidated financial statements. Since the fiscal year ended December31, 2024, the Company has undertaken a number of actions which have increased its shareholders’ equity, including, among other actions, (i) the sale of securities for approximately $3.0million in gross proceeds under the March 2025 SPA, and (ii) signing a Facility SPA, under which the Company has the right from time to time at its option to sell to Alpha up to $25.0million of the NLS Common Shares, subject to certain conditions and limitations set forth in the Facility SPA. As a result of these actions, the Company believes that, as of the date of this report, it satisfies the stockholders’ equity requirement of at least $2.5million pursuant to Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital Market. Accordingly, the 2024 consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate our continuation as a going concern for a period within one year from the issuance of our 2024 financial statements and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in these consolidated financial statements do not necessarily purport to represent realizable or settlement values. Our 2024 consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. Capital Resources and Liquidity The anticipated Merger is expected to strengthen our balance sheet by reducing our leverage and increasing our equity base. This will enhance our financial flexibility and support our growth initiatives. There can be no assurance that capital will be available within a sufficient period of time, in sufficient amounts or on terms acceptable to us. These conditions raise substantial doubt about our ability to continue as a going concern beyond one year from the issuance of these unaudited interim condensed financial statements. 242 As of December31, 2024, our cash and cash equivalents were $1.7million. We believe that our existing cash and cash equivalents will not be sufficient to fund our projected operating requirements for a period of one year from the issuance of the financial statements included elsewhere in this proxy statement/prospectus. This raises substantial doubt about our ability to continue as a going concern. Additionally, our operating