Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 107

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 107
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             |     |           | (37,743,210 | ) |     |               |     - |
| Balance as of December 31, 2024 |     |           |   4,193,689 |   |     |               | 1,238 |

| C. | The rights attached to shares |

Holders of ordinary shares have the right
to participate and vote in the Company’s general meeting, the right to participate in the Company’s profits in the event of
the Company’s liquidation, and the right to receive dividends, as declared.

| 1. | 645,706 non-marketable warrants (Series E1), each of which was exercisable for one Share for an exercise                 
 price of about NIS 3; the warrants would be exercisable until September 30, 2020 (hereinafter, the “Series E1 Warrant”). |

The Series E1 Warrants’ value,
USD $173 thousand, was determined according to the Black-Scholes model based on the following assumptions:

| Dividend yield for the share (%)    |     |     - |   |
| Expected share price volatility (%) |     | 67.14 | % |
| Risk-free interest rate (%)         |     |   0.2 | % |
| Share price (USD)                   |     |  1.00 |   |

On September 30, 2020, 638,708 Series
E1 warrants totaling USD $170 thousand expired.

| 2. | 645,706 non-marketable warrants, each of which was exercisable for one Share for an exercise price of    
 USD $1.46; the warrants were exercisable until December 31, 2021 (hereinafter, the “Series E2 Warrant”). |

The value of the Series E2 Warrants,
USD $156 thousand, was determined according to the Black-Scholes model based on the following assumptions:

| Dividend yield for the share (%)    |     |     - |   |
| Expected share price volatility (%) |     | 67.14 | % |
| Risk-free interest rate (%)         |     |   0.2 | % |
| Share price (USD)                   |     |  1.02 |   |

The issuance of the Series E1 Warrants
and Series E2 Warrants was approved by the Company’s Board of Directors on February 13, 2020. The issuance of the shares that would