Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 68

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 68
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 or its representatives equaled $5,700,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $5,000,000, inclusive of the Investment Proceeds Adjustment, and (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $0.8million, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 4.7 NLS Common Shares on a fully diluted basis. For purposes of the Merger, Moore Financial Consulting, or Moore, as of December19, 2024, valued Kadimastem at $71.1million (using Risk -AdjustedNet Present Value method) and valued NLS at $11million to $12million (Using Market Value approach). The combined company was assumed to be at an aggregate value of $82.1million to $83.1million. On the date immediately prior to the public announcement of the Merger, July26, 2024, NLS’s closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary Share on the TASE was $1.47, with a market capitalization of $6,661,646. On December19, 2024, the time of the determinations of the values for each company, Kadimastem’s market capitalization was $22,329,905 and its closing price per share was $3.161, each as calculated and converted from NIS to dollars based on a conversion rate of 3.645 NIS to 1 dollar on such day. On December19, 2024, NLS’s closing price per NLS Common Share on the Nasdaq was $2.38, with a market capitalization of $4.35million. NLS and Kadimastem believe that the combined liquidity at Closing on a consolidated basis will be approximately $6.5million, with a combined amount of debt equal to approximately $1.2million. NLS performed a debt to equity conversion on October15, 2024 and is free of past liabilities, except for current working capital needs. NLS believes that as of the Closing it will have sufficient funds to commence Kadimastem’s Phase IIa trial for ALS. The Merger Agreement further provides that, upon the terms and subject