Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 313

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 313
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 Moore has not independently verified any such information or its accuracy or completeness and, pursuant to its engagement letter with Kadimastem, Moore did not assume any obligation to undertake any such independent verification. Except for the valuation reports prepared by Moore, it has not conducted or been provided with any valuation or appraisal of any assets or liabilities, nor have it evaluated the solvency of the Companies under any state or federal laws relating to bankruptcy, insolvency or similar matters. In relying on financial analyses and forecasts provided to Moore or derived therefrom, including technological and pharmaceutical situations of both Companies, Moore has assumed that they have been reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by managements as to the expected future results of operations and financial condition of the Companies to which such analyses or forecasts relate. The forecasts were provided to Moore in August 2024. These forecasts were predicted and based on projections through comparisons a peer group consisting of publicly -listedpharmaceutical companies similar in size, structure and specialization to Kadimastem. It also assumed that the FDA timelines and drug development process for these comparable companies presented in the forecast would be similar to the timeline for Kadimastem. Additionally, Kadimastem presented forecasts of the expected demand over the next few years for its pharmaceutical products. This included the expected prevalence of the ALS disease and diabetes across certain geographic locations and the current market for treatments. Moore was also provided Kadimastem’s corporate presentation as of May 2024, Kadimastem’s financial reports as of December31, 2023 and Kadimastem’s pro forma report as of June30, 2024. 139 Moore is not legal, regulatory or tax experts and has relied on the assessments made by advisors to the Companies with respect to such issues. Moore has further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the Merger will be obtained without any adverse effect on the Companies or on the contemplated benefits of the Merger. Moore’s opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to it as of December 19, 2024. It should be understood that subsequent developments may affect Moore’s valuation reports and/or fairness opinion, and that Moore does not have any obligation to update, revise, or reaffirm its valuation reports or fairness opinion. Moore’s opinion is limited to the fairness, from a financial point of view, of the Exchange Ratio in the proposed transaction. The