Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 196

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 196
---

to the Initial Registration Statement and the removal of restrictive legends from the Shares shall have been executed by the Company’s
outside counsel and delivered to the Transfer Agent.

(xv) Reservation of Shares. [not used]

(xvi) Opinions of Company Counsel. On the Commencement Date, the Investor shall have received the opinions of Swiss Counsel and United States
Counsel, in customary form.

(xvii) Comfort Letter of Accountant. On the Commencement Date, the Investor shall have received from the Accountant or a successor independent
registered public accounting firm for the Company, a letter dated the Commencement Date addressed to the Investor, in form and substance
reasonably satisfactory to the Investor with respect to the audited and unaudited financial statements and certain financial information
contained in the Registration Statement and the Prospectus, and any Prospectus Supplement, except that the specific date referred to therein
for the carrying out of procedures shall be no more than three Business Days prior to the Commencement Date.

Section 7.2. Conditions Precedent to VWAP Purchases after Commencement Date. The right of the Company to deliver VWAP Purchase Notices under this Agreement
after the Commencement Date, and the obligation of the Investor to accept VWAP Purchase Notices under this Agreement after the Commencement
Date, are subject to the satisfaction of each of the conditions set forth in this Section 7.2 at the applicable VWAP Purchase Commencement
Time for the VWAP Purchase to be effected pursuant to the applicable VWAP Purchase Notice timely delivered by the Company to the Investor
in accordance with this Agreement (each such time, a “VWAP Purchase Condition Satisfaction Time”).

(i) Satisfaction of Certain Prior Conditions. Each of the conditions set forth in subsections (i), (ii), (vi) through (xiii), and (xviii) set forth
in Section 7.1 shall be satisfied at the applicable VWAP Purchase Condition Satisfaction Time after the Commencement Date (with the terms
“Commencement” and “Commencement Date” in the conditions set forth in subsections (i) and (ii) of Section 7.1
replaced with “applicable VWAP Purchase Condition Satisfaction Time”); , , that the Company shall
not be required to deliver the Compliance Certificate after the Commencement Date, except as provided in Section 6.15 and Section 7.2(x).

<div align='center'>40