Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 290

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 290
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em Ordinary Shares held by each Kadimastem shareholder multiplied by the Exchange Ratio. The Exchange Ratio has been determined pursuant to a formula described in more detail in the Merger Agreement and elsewhere in this proxy statement/prospectus. The Exchange Ratio will be determined based on a formula that is expected to result in the Initial Split, subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as of the Measurement Date. Based on various factors, including gross cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7million 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”), and additional financing investments of approximately $2.5million currently reasonably expected to be raised prior to the Closing Date, the parties currently estimate that application of the Exchange Ratio formula at the Closing will result in Kadimastem shareholders collectively holding approximately 83% and NLS shareholders holding approximately 17% of the outstanding NLS Common Shares on a fully diluted basis immediately following the Closing. The Company will provide the final Exchange Ratio no later than the morning of the NLS Meeting. The additional financing investments of approximately $2.5million to be raised prior to the Closing Date is not a condition to Closing; if more or less than $2.5million is raised, the Exchange Ratio will change accordingly pursuant to the terms of the Merger Agreement. Equity Awards and Warrants Pursuant to the Merger Agreement, at the Effective Time, all the Kadimastem’s issued and outstanding equity awards, whether vested or unvested, shall be assumed by NLS and converted as of the Effective Time into an option, warrant, other award, or right, as applicable, to purchase NLS Common Shares in accordance as set forth in the Merger Agreement. Subject to the terms of the relevant equity award, each Kadimastem equity award shall be deemed to constitute an award or warrant, as applicable, to acquire, on substantially the same terms and conditions as were applicable under such equity award, a number of NLS Common Shares equal to the number of NLS Common Shares (rounded down to the nearest whole share) that the holder of such equity award would have been entitled to receive pursuant to