Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 508

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 508
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 Ratio (as defined in the Merger Agreement), per each such Kadimastem Ordinary Share. The following is a summary of the components of the estimated consideration in equity if the acquisition of Kadimastem had occurred on July9, 2025:

| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares, options and warrants* |     |  9,428,299 |   |
| Estimated Kadimastem Shares at time of the Merger (assuming exercise of all Common Warrants into NLS Shares)*                    |     |  7,289,515 |   |
| Elimination of Kadimastem Ordinary Shares                                                                                        |     | (7,289,515 | ) |
| Issuance of NLS Common Shares issued to Kadimastem shareholders                                                                  |     | 46,032,286 |   |
| Combined company common shares outstanding at Closing                                                                            |     | 52,047,324 |   |
| Exchange Ratio:                                                                                                                  |     |     6.3149 |   |

____________ *Represents NLS’s outstanding shares as of July 9, 2025. The Merger will be considered an acquisition of a business and will be accounted for under IFRS 3 which will require the measurement of assets acquired and liabilities to be determined at the time of closing. The acquisition -datefair value of the consideration transferred will be calculated based on the equity interests held by NLS’s preexisting shareholders and retained post -combination. The estimated fair value of the purchase price consideration will be determined at the time of closing based on the fair market value of NLS Stock Price and will be allocated based on the assets and liabilities of NLS that will be reflected at carrying value and the net assets of NLS, including goodwill and other identifiable intangible assets of NLS will be recorded based upon their fair values at time of closing. The estimated fair value of the purchase price consideration will be based upon the number of NLS Shares expected to be outstanding at the time of the Merger along with the market price of the NLS Common Share on the date of closing. As of July9, 2025, NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares, options and warrants are 9,428,299shares and based upon a $2.28 closing price of NLS Common Share the preliminary purchase price consideration is approximately $21,449,380. The market price of NLS Common Share has