Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 93

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 93
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 ordinary shares of the Company, (hereinafter, “Shares”); in the event that
on the due date, the Company will not have the means to repay the Loan, the investors may, at their sole discretion, convert the Loan,
as described above, or remain indebted until a later date when the Company can repay the Loan. It is clarified that the investors have
the right to convert the Loan into Shares at any time starting from the date of deposit of the Initial Loan Amount, at their sole discretion.

| 3. | To the extent that the investors choose to convert the Loan into Shares, the Loan will be converted into                                 
 Shares at the price that is the lower of (a) a Company value of USD $7 million (NIS 28 million) (before the investment money), based on  
 issued and paid-up capital on the conversion date, or (b) a price that reflects a 10% discount on the average price of the Company’s     
 Shares in the 30 trading days preceding the date of the conversion notice, subject to additional conversion price adjustments to protect 
 against dilution (as detailed below). To clarify, the conversion price for each Share will not be less than the minimum price per Share  
 according to the Tel Aviv Stock Exchange rules and regulations (hereinafter, the “Stock Exchange”). As applicable from time              
 to time (hereinafter, the “conversion shares” and the “conversion price,” respectively), as the Company makes                            
 capital changes (such as a capital split or consolidation), the conversion shares and the conversion price will be adjusted accordingly  
 in order to safeguard the investors’ rights. To clarify, investors will not be allocated securities for this transaction in any          
 case: (a) at a rate exceeding 74.99% of the Company’s issued and paid-up capital after full dilution; or (b) at an amount that would     
 require a tender to acquire all outstanding shares, as this term is defined in the Company’s law. Any part of the loan that is not       
 converted into equity will remain as the Company’s debt to the investors.                                                                |

| 4. | To the extent that the investors choose to convert the Loan into Shares, and subject to obtaining the                                        
 Stock Exchange’s approval (as required), the Company will also issue non-marketable warrants to the investors that can be exercised          
 for Shares, which will reflect a rate equal to 125% of the total conversion shares that will be received as a result of the loan’s