Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 322

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 322
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s Adjustment, (ii) the amount by which NLS’s estimate of its cash at the Measurement Date differs from the target of $600,000, subject to the Investment Proceeds Adjustment, (iii) the amount by which NLS’s estimate of its indebtedness at the Measurement Date differs from the target of $0, (iv) valuation of NLS based on the product of (a) the closing price per share of the NLS Common Shares on the principal market or exchange on which the NLS Common Shares are traded on the Measurement Date multiplied by (b) the fully diluted NLS Common Shares outstanding as of the Measurement Date, and (v) the valuation of the combined company based on the quotient obtained by dividing (a) the NLS Valuation by (b) 0.15, which such valuation reflects the 15% target ratio share split. 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 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. Exchange Procedures Pursuant to the terms of the Merger Agreement, prior to or at the Closing, NLS shall designate its transfer agent, or a depository, bank or trust company reasonably acceptable to NLS to act as the exchange agent in connection with the Merger, or the Exchange Agent, and enter into an exchange agreement, in a form reasonably acceptable to NLS, for the payment of the Merger Consideration. Prior to or substantially concurrently with the Effective Time, NLS shall deposit or cause to be deposited with the Exchange Agent, for the benefit of the holders of Kadimastem Ordinary Shares (excluding certain Kadimastem Ordinary Shares as set forth in the Merger Agreement in respect of which NLS Common Shares shall be issued directly to the trustee appointed by Kadimastem) for exchange in accordance with the terms and conditions of the Merger Agreement through the Exchange Agent, the