Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 96

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 96
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4, 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, including financing investments of approximately $2.5million to be raised prior to the Closing Date, with a combined amount of debt equal to approximately $1.5 million. NLS performed a debt to equity conversion on October15, 2024 and is free of past liabilities, except for current working capital needs. NLS estimates 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 to the conditions thereof, following the Closing, NLS shall work diligently to dispose of any Legacy Assets, which excludes the DOXA platform. The DOXA platform includes AEX -041. It is important to note that AEX -041is currently in the preclinical stage of development. This means that the candidate is undergoing early laboratory studies to evaluate its safety profile and pharmacological properties, and it has not yet been tested in human clinical trials. Consequently, its efficacy, concept, and potential for regulatory approval remain subject to further research and