Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 135

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 135
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 letter, unless and until
subsequently revoked or modified orally by [REQUIRES COMPLETION] or in writing from any member of this firm (which writing may include
email correspondence), shall serve as our standing instruction to you that the Registrable Securities set forth on Schedule A
hereto are freely transferable by the Holders pursuant to the Registration Statement. You need not require further letters from us to
effect any future legend-free issuance or reissuance of Registrable Securities to the Holders as contemplated by the Company's Irrevocable
Transfer Agent Instructions dated [●], 2025.

Very truly yours,

EXHIBIT B

<div align='center'>SELLING SHAREHOLDERS</div>

The Common Shares being offered
by the selling stockholders are those issued upon conversion of the Preferred Shares and exercise of Warrants that were issued to the
selling stockholders pursuant to the Securities Purchase Agreement dated as of March 26, 2025 (the “Securities Purchase Agreement”),
by and among the Company and the investors named therein and upon exercise of the Warrants. We are registering the Common Shares in order
to permit the selling stockholders to offer the shares for resale from time to time. Except for the ownership of the Common Shares and
the Warrants issued pursuant to the Securities Purchase Agreement, the selling shareholders have not had any material relationship with
us within the past three years.

The table below lists
the selling stockholders and other information regarding the beneficial ownership of the Common Shares by each of the selling stockholders.
The second column lists the number of Common Shares beneficially owned by each selling stockholder, based on its ownership of the Preferred
Shares and the Warrants as of _________, 2025 assuming exercise of all Warrants held by the selling shareholder on that date, without
regard to any limitations on exercise.

The third column lists the
Common Shares being offered by this prospectus by the selling stockholders and does not take in account any limitations on (i) conversion
of the Preferred Shares or Common Shares, or (ii) exercise of the Warrants.

In accordance with the
terms of a registration rights agreement with the selling stockholders (the “Registration Rights Agreement”), this
prospectus generally covers the resale of at least the number of Common Shares issued upon conversion of the Preferred Shares issued pursuant
to the Securities Purchase Agreement as of the trading day immediately preceding the date the registration statement is initially filed
with the SEC, and (ii)