Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 314

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 314
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 terms of the Merger Agreement, including the Exchange Ratio, were determined through arm’s length negotiations between Kadimastem and NLS, and the decision to enter into the Merger Agreement was solely that of the Kadimastem Board. Moore’s valuation reports and fairness opinion were only one of the many factors considered by the Kadimastem Board in its evaluation of the proposed Merger and should not be viewed as determinative of the views of the Kadimastem Board or management with respect to the proposed Merger or the Exchange Ratio. The full text of the valuation reports and fairness opinion of Moore dated December19, 2024, which set forth, among other things, the assumptions made, forecasts presented, matters considered and limitations on the review undertaken, is attached as Annex E to this proxy statement/prospectus. Valuation of Kadimastem Through Income Approach Using rNPV Analysis In accordance with customary practice, Moore employed generally accepted valuation methodology in rendering its valuation reports to Kadimastem on December 19, 2024. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Kadimastem and NLS valuation analyses. Kadimastem’s and NLS’s valuations were performed under the income approach, using the Risk -AdjustedNet Present Value, or the rNPV Analysis method. This method enhances standard discounted cash flow, or DCF, analysis by adjusting cash flow projections for the probability of success, i.e., adjusting for the probability of successfully advancing through clinical trials and regulatory approval. As a result, this method is also referred to as the expected net present value (eNPV) method. According to the income approach, the value of an economic asset is derived from the future cash flows arising from it. The basic principle underlying the income approach is that an asset/company is an active ongoing concern premise and will operate in the future. The aim of the income approach is to reach the current value based on the firm’s forecast cash flows. The main valuation methodology in the income approach is the DCF Analysis. The method’s principle is that the value of the asset is the present value of free cash flow which is generated during the forecast period (finite or infinite). The first step in this approach is to build a cash flow projection of the entity (based on the entity’s business model). In the second phase, to determine the value of the asset it is required to