Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 149

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 149
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 return filing requirements and the eligibility, manner, and consequences to them of making a QEF or mark -to-marketelection with respect to the NLS Common Shares in the event that NLS is a PFIC. NLS has not paid, and does not intend to pay, dividends on its NLS Common Shares and, therefore, unless its traded securities appreciate in value, its investors may not benefit from holding its NLS Common Shares. NLS has never declared or paid cash dividends on its NLS Common Shares. NLS does not anticipate paying any cash dividends on its NLS Common Shares in the foreseeable future. Moreover, Swiss Law imposes certain restrictions on its ability to declare and pay dividends. See “Comparison of Shareholders’ Rights and Corporate Governance — Summary of Material Differences Between the Rights of Kadimastem Shareholders and NL Shareholders — Rights of NLS Pharmaceutics shareholders — Dividends”for additional information. 53 If NLS cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of Nasdaq, NLS’s securities may not be listed or may be delisted, which could negatively impact the price of its securities and your ability to sell them. Under the Merger Agreement, each party’s obligation to complete the Merger is subject to the satisfaction or waiver of various conditions, including the obligation that NLS Common Shares shall remain listed on the Nasdaq and shall not be subject to a delisting notice from Nasdaq. The notification form for the listing of NLS Common Shares to be issued in connection with the Merger shall have been accepted and approved (subject to official notice of issuance), and the Nasdaq listing application for initial listing of NLS following the Merger and of NLS Common Shares being issued pursuant to the Merger Agreement shall have been approved. NLS is currently seeking to have its securities approved for listing on Nasdaq in connection with the Merger. NLS cannot assure you that it will be able to meet those initial listing requirements at the time of the Closing. Even if NLS’s securities are listed on Nasdaq, it cannot assure you that its securities will continue to be listed on Nasdaq. In addition, following the Merger, to maintain its listing on Nasdaq, NLS will be required to comply with certain continued listing standards of Nasdaq including those regarding minimum shareholders’ equity, minimum share price, minimum market value of publicly held shares, minimum number of shareholders and various additional requirements. Even if NLS initially meets the listing requirements and other applicable