Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 67

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 67
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LS 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. For example, if (i) the Merger was consummated as of July 9, 2025 (other than current liabilities of the previous month), (ii) the amount of proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives equaled $6,500,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $5,000,000, inclusive of the Investment Proceeds Adjustment and additional financing investments of approximately $2.5million to be raised prior to the Closing Date, and (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $950,000 million, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 7 NLS Common Shares on a fully diluted basis. NLS will provide the final Exchange Ratio and Merger Consideration at the NLS Meeting. The Exchange Ratio is subject to adjustment as set forth in the Merger Agreement, including, among other things, in the event of the failure of NLS or Kadimastem to satisfy certain conditions; provided, however, that in the event that the Measurement Date Indebtedness (as defined in the Merger Agreement) is greater than $0 and/or the Measurement Date Cash (as defined in the Merger Agreement) is less than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further, however, that in the event that the result of (i) the Measurement Date Cash (as defined in the Merger Agreement) minus the (ii) Measurement Date Indebtedness (as defined in the Merger Agreement) is more than $600,000, the resulting number of NLS Common Shares issued