Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 758

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 758
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 that the average investor holds the market portfolio and therefore he is exposed to market risks and hence measurement of risk for an individual asset is relative risk compared to the market portfolio. According to this model, the rate of return on equity is derived from the risk -freeinterest rate plus a market risk premium multiplied by the risk level of the company which is relative to the standard deviation of the market portfolio (ß). Ke = Rf + ß * (Rm -Rf) Where: RF= risk free interest rate ß= The correlation level between the return on investment and the return on the market portfolio Rm -Rf= Risk premium on risky assets above the risk -freeinterest rate

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Annex E-44

The Beta of the asset will be derived usually from the calculation of the actual beta of the share of the company, which is estimated, from a sample of similar listed companies, or from a database. First, the beta -shareleveraged will be derived from peer group, and then re -leveragingwill be carried out in order to reach the appropriate beta for the estimated company. Sometimes it is common to include additional premiums for the cost of capital in respect of business risks which are not “perceived” by the CAPM, such as the premium for small companies (small -sizepremium) and other risk premiums. Valuation NLS shares are traded on NASDAQ Capital market (NasdaqCM:NLSP) with a market value of $6.34 millionas of September 13, 2024 (NLS share price: $0.1352). Following is the NLS share price chart since January 2021 till September 2023: NLS market value as of the closing: The Company submitted F3 during November 2024 which received Effectiveness at the end of November 2024. In this F3, the shares of the transaction performed by the company in October 2024 were registered for trading. This transaction included a financing round, the conversion of vendor debt to shares, and the conversion of B&S warrants to shares. During the last 10 days, we have seen a significant amount of trade in the shares that we estimate include a lot of sales from the above -mentionedconversions and the new issuance of shares, pushing share price down by almost 50% in two weeks. For the calculation of NLS fair value we multiply the NLS’s total number of shares (3.6 mm) by the November average share price