Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 228

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 228
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, but not including any standard
anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), (ii)
issues or sells any equity or debt securities, including without limitation, Common Shares or Common Shares Equivalents, either (A) at
a price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence
of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares (other
than standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction),
or (B) that are subject to or contain any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including,
without limitation, a “Black-Scholes” put or call right, other than in connection with a “fundamental transaction”)
that provides for the issuance of additional equity securities of the Company or the payment of cash by the Company, or (iii) enters into
any agreement, including, but not limited to, an “equity line of credit” or “at the market offering” or other
continuous offering or similar offering of Common Shares or Common Shares Equivalents, whereby the Company may sell Common Shares or Common
Shares Equivalents at a future determined price.

“VWAP” shall mean, for
the Common Shares for a specified period, the dollar volume-weighted average price for the Common Shares as reported by Bloomberg through
its “AQR” function. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
recapitalization or other similar transaction during such period.

“VWAP Purchase” shall
have the meaning assigned to such term in Section 3.1 of this Agreement.

“VWAP Purchase Amount”
shall have the meaning assigned to such term in Section 3.2 of this Agreement.

“VWAP Purchase Condition Satisfaction Time” shall have the meaning assigned to such term in Section 7.2 of this Agreement.

“VWAP Purchase Confirmation”
shall have the meaning assigned to such term in Section 3.1 of this Agreement.

“VWAP Purchase Commencement Time”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time, on