Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 93

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 93
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 trade under NLS’s new name, NUCLEX AG. Anticipated Accounting Treatment (Pages 158) The most recent financial information available for NLS for twelve months ended December 31, 2024 has been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The most recent financial information available for Kadimastem for the twelve months ended December 31, 2024 has been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Boards, or IASB. The Merger is anticipated to be accounted for using the acquisition method (as a reverse triangular merger), with goodwill and other identifiable intangible assets recorded in accordance with IFRS, as applicable to be determined at the time of Merger. Under this method of accounting, NLS is anticipated to be treated as the “acquired” company for financial reporting purposes, and Kadimastem is to be the accounting acquirer based upon the terms of the Merger Agreement and other factors, including: (i) the expectation that Kadimastem shareholders will own approximately 80 -85% of the voting interests of the combined company immediately following the Closing; (ii) directors appointed by Kadimastem will constitute the majority of the board of directors of the combined company; and (iii) employees of Kadimastem will constitute the majority of the management of the combined company. Therefore, Kadimastem is anticipated to be the accounting acquirer because it is anticipated to control the board of directors, management of the combined company, and the preexisting shareholders of Kadimastem are expected to have the majority voting rights of the combined company. Comparison of Shareholders’ Rights (Page 283) Upon completion of the Merger, Kadimastem’s shareholders immediately prior to the Effective Time of the Merger will receive NLS Common Shares and become NLS shareholders, and their rights will be governed by applicable Swiss law, including the Swiss Code of Obligations, or the CO, and by the Articles. Kadimastem’s shareholders will have different rights once they become shareholders of the combined company due to differences between Swiss law and the governing documents of NLS, on the one hand, and Israeli law and the governing documents of Kadimastem, on the other hand. These differences are described in more detail under the section entitled “ Comparison of Shareholders’ Rights and Corporate Governance” beginning on page 283. No App