Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 147

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 147
---
 dedicated team with U.S. GAAP and SEC reporting knowledge, with the support of additional external advisors. While NLS believes that these efforts will improve its internal control over financial reporting in accordance with U.S. GAAP and SEC 52 reporting requirements, the implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles. NLS cannot assure you that the measures NLS has taken to date, and are continuing to implement, will be sufficient to establish and maintain effective internal control over financial reporting. The Warrants NLS has issued are speculative in nature. The Warrants NLS has offered and sold do not confer any rights of common share ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire NLS Common Shares at a fixed price for a limited period of time. Specifically, holders of the Warrants NLS has issued may exercise their right to acquire the NLS Common Shares and pay an exercise price per common share as contemplated in such holder’s Warrant, prior to five years from the date of issuance, after which date any unexercised Warrants will expire and have no further value. If NLS was to be characterized as a “passive foreign investment company” for U.S. tax purposes, U.S. holders of its NLS Common Shares and Warrants could have adverse U.S. income tax consequences. In general, NLS will be treated as a passive foreign investment company, or a PFIC, for U.S. federal income tax purposes in any taxable year in which either (1) at least 75% of its gross income is “passive income” or (2) on average at least 50% of its assets by value produce passive income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including those raised in a public offering. In determining whether a non -U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. NLS does not believe that NLS will be deemed a PFIC for