Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 68

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 68
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 any Subsidiary. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers, traders, consultants or advisors manage separate portions
of such Purchaser’s assets and the portfolio managers, traders, consultants or advisors have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager, trader, consultant or advisor that made the investment
decision to purchase the Securities covered by this Agreement.

4.17 .

(a) Until the eighteen
(18) month anniversary of the date of this Agreement, and subject to any rights of participation in the Debt SPA, December SPA, and Equity
SPA, upon any proposed issuance by the Company or any of its Subsidiaries of debt securities, Common Shares, Common Shares Equivalents
for cash consideration, Indebtedness or a combination thereof, other than (i) a rights offering to all holders of Common Shares (which
may include extending such rights offering to holders of Preferred Shares), (ii) an Exempt Issuance (each a “”),
or (iii) an offering to Swiss or U.S. fundamental healthcare investors (subject to the Purchaser providing a waiver, on a case by case
basis, subject to its sole discretion), Purchasers shall have the right of first refusal to completely finance any Subsequent Financing
or participate in an amount of the Subsequent Financing up to one hundred percent (100%) of the available participation amount of the
Subsequent Financing (the “”) pro rata to each other in proportion to their Subscription Amounts
on the same terms, conditions and price provided for in the Subsequent Financing, unless the Subsequent Financing is an underwritten public
offering, in which case the Company shall notify each Purchaser of such public offering when it is lawful for the Company to do so, but
no Purchaser shall be entitled to purchase any particular amount of such public offering without the approval of the lead underwriter
of such underwritten public offering.

(b) At least ten (10)
Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Purchaser a written notice of its intention
to effect a Subsequent Financing (“”), which Pre-Notice shall ask such Purchaser if it wants to review the
details of such financing (such additional notice, a “