Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 363

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 363
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5 below (2) The preliminary purchase price of $5,200,511 has been allocated to goodwill and will not be amortized but will be tested for impairment at least annually or more frequently if indicators of impairment arise. Additionally, goodwill is not expected to be deductible for tax purposes. Given the preliminary nature of the purchase price allocation at the time of this filing, the final allocation upon Closing may result in adjustments to goodwill. 3.Earnings Per Share and Common Share Reconciliation The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the outstanding NLS Common Shares and NLS Common Shares underlying Preferred Shares pursuant to which Kadimastem agreed to convert its share capital in exchange for the right to receive a number of validly issued, fully paid and nonassessable NLS Common Shares, equal to the Exchange Ratio (as defined in the Merger Agreement), per each such Kadimastem Ordinary Share, assuming the Merger and related transactions occurred on January1, 2023.

200

An analysis of the number of outstanding NLS Common Shares post -Merger is as follows assuming an Exchange Ratio of 4.2817 shares of NLS for 1 share of Kadimastem Ordinary Shares:

| NLS Shares June 30, 2024 weighted average shares outstanding                                            |     |  1,048,632 |
| NLS Shares December 31, 2023 weighted average shares outstanding                                        |     |    954,401 |
| NLS Common Shares post-Merger:                                                                          |     |            |
| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstandings Preferred Shares* |     |  5,251,214 |
| NLS Common Shares issued to Kadimastem shareholders including RSUs and options                          |     | 30,658,888 |
| Total NLS Common Shares outstanding at Closing                                                          |     | 35,910,102 |
| NLS Common Shares underlying warrants and options                                                       |     |  2,413,508 |
| Total NLS Common Shares outstanding as of Closing – Diluted                                             |     | 38,323,610 |

____________ *Represents NLS’s outstanding shares as of March 28, 2025. 4.Reverse Stock Split The Company also filed a notice of a reverse split with the commercial registry of the Canton of Zurich, Switzerland, on September 18, 2024. The