Company: NCEL
Filing Date: 2025-10-24
Form Type: POS AM
Source: 0001213900-25-102149
Chunk: 8

Company: NewcelX Ltd.
Filing Date: 2025-10-24
Form: POS AM
Chunk 8
---
 “Merger Agreement”). Pursuant to the Merger Agreement, subject to the terms and conditions set forth
therein, the Merger Sub will merge with and into Kadimastem, with Kadimastem continuing as the surviving corporation in the Merger and
a wholly-owned subsidiary of NLS (the “Merger”). The Merger will occur in the following order: (i) at the Effective Time
(as defined in the Merger Agreement), Kadimastem will be a wholly-owned subsidiary of Merger Sub, and (ii) following the Effective Time,
Kadimastem and Merger Sub will be combined in a statutory consolidation where Merger Sub will merge with and into Kadimastem, with Kadimastem
continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of NLS. In the Merger, all of the issued and outstanding
Kadimastem’s ordinary shares (“Kadimastem Ordinary Shares”), immediately prior to the Effective Time shall no longer
be outstanding and shall be exchanged for and automatically converted into the right to receive from NLS that certain number of fully
paid and nonassessable Common Shares (the “Common Shares”) as calculated in accordance with the terms of the Merger Agreement.
The initial Exchange Ratio (as defined in the Merger Agreement) was estimated to result in Kadimastem shareholders holding 85% of the
issued and outstanding Common Shares, subject to certain adjustments as of the closing of the transactions contemplated by the Merger
Agreement (the “Closing”), including as a result of estimated cash at the Measurement Date (as defined in the Merger Agreement)
of NLS and Kadimastem and estimated indebtedness of NLS at the Measurement Date. The initial targeted fully diluted share split of 85%/15%
was subject to adjustment pursuant to the terms of the Merger Agreement, including estimated closing cash of NLS and Kadimastem and estimated
closing indebtedness of NLS. Based on the cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (for
more information please see “NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations
— Financing Activities” contained in NLS’s Report on Form 6-K furnished to the SEC on October 6, 2025 and in NLS’s
Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC