Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 289

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 289
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 — Financing Activities”), the parties currently estimate the fully diluted share split at the Closing will be approximately 80% to Kadimastem shareholders and 20% to NLS shareholders. Merger Consideration Pursuant to the terms of the Merger Agreement, each Kadimastem Ordinary Share will be exchanged for and converted into the NLS Common Shares constituting the Merger Consideration, without interest; provided, however, notwithstanding anything to the contrary contained in the Merger Agreement, in the event that the Closing Indebtedness is greater than $0 and/or the Closing Cash is less than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further, however, that in the event that the sum of the Closing Cash (as defined in the Merger Agreement) minus the Closing Indebtedness (as defined in the Merger Agreement) is more than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will be less than the anticipated and agreed 85% of all issued and outstanding shares. No fractional NLS Common Shares will be issued in connection with the Merger, and no certificates or scrip for any such fractional shares will be issued. All fractional share amounts shall be rounded down to the nearest whole based on the total number of NLS Common Shares to be issued to the holders of Kadimastem Ordinary Shares who would otherwise be entitled to receive a fraction of NLS Common Share. The initial Exchange Ratio is estimated to result in Kadimastem shareholders holding approximately 85% of the issued and outstanding NLS Common Shares, subject to certain adjustments as of the Closing, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. The target fully diluted share split of 85%/15% is subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. Based on 141 the cash proceeds from NLS’s recent financing transactions dated October 2024 through March 2025 (approximately $5.7million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (for more information please see “ NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financing Activities”), the parties