Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 247

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 247
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 of capital stock (but taking
into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to
the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be succeed to, and be substituted for
the Company, under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every
provision of this Warrant and the Purchase Agreement referring to the “Company” shall refer instead to the Successor Entity
or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally, may exercise every
right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the
Company prior thereto under this Warrant and the Purchase Agreement with the same effect as if such Successor Entity or Successor Entities,
jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits
of the provisions of this Section 3.4 regardless of whether the Company has sufficient authorized shares of Common Shares for the issuance
of Warrant Shares.

3.5. Calculations.
All calculations under this Section 3 shall be made to the nearest fraction of a cent as in the initial Exercise Price or the nearest
1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding
as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

3.6. Notice to Holder.

3.6.1. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver
to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant
Shares and setting forth a brief statement of the facts requiring such adjustment.

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3.6.2. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (