Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 122

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 122
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 of the combined company’s
employees and consultants may leave the company at any time, subject to certain notice periods. The loss of the services of any of the
combined company’s executive officers or any key employees or consultants may adversely affect its ability to execute its business
plan and harm its operating results. The combined company’s operational success will substantially depend on the continued employment
of senior executives, technical staff and other key personnel, especially given the intense competition for qualified personnel. The loss
of key personnel may have an adverse effect on the combined company’s operations and financial performance.

Recruiting and retaining qualified
scientific and clinical personnel and, if the combined company progresses the development of its product pipeline toward scaling up for
commercialization, manufacturing and sales and marketing personnel, will also be critical to the combined company’s success. The
loss of the services of its executive officers or other key employees could impede the achievement of its development and commercialization
objectives and seriously harm its ability to successfully implement its business strategy. Furthermore, replacing executive officers and
key employees may be difficult and may take an extended period of time because of the limited number of individuals in its industry with
the breadth of skills and experience required to successfully develop, gain regulatory approval of and commercialize products. Competition
to hire from this limited pool is intense, and the combined company may be unable to hire, train, retain or motivate these key personnel
on acceptable terms given the competition among numerous pharmaceutical and biotechnology companies for similar personnel. It also experience
competition for the hiring of scientific and clinical personnel from universities and research institutions. In addition, the combined
company’s relies on consultants and advisors, including scientific and clinical advisors, to assist the combined company in formulating
its development and commercialization strategy. The combined company’s consultants and advisors may be employed by employers other
than the combined company and may have commitments under consulting or advisory contracts with other entities that may limit their availability
to the combined company. If the combined company is unable to continue to attract and retain high quality personnel, its ability to pursue
its growth strategy will be limited.

Certain debt agreements that the combined
company may enter into may contain restrictions that may limit its flexibility in operating its business.

Future debt agreements that
the combined company may enter into could limit its flexibility in operating its business. Documents governing such future indebtedness,
or those in connection with additional capital raises, if any, may contain numerous financial and operating covenants that limit the discretion
of management with respect to certain