Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 296

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 296
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, 2024, NLS and Kadimastem announced that they have entered into a binding term sheet for a transaction under which Kadimastem is anticipated to become a wholly owned subsidiary of NLS, and Kadimastem’s shareholders will acquire an 85% ownership interest in NLS. Such term sheet further provided that upon completion of the Merger, which is subject to, among other things, approval by NLS’s and Kadimastem’s shareholders, the combined company 128 is expected to be traded on Nasdaq, and that existing Kadimastem shareholders will hold 85% of the issued and outstanding NLS Common Shares after the Merger and the existing shareholders of NLS will hold the remaining 15% of the issued and outstanding NLS Common Shares after the Merger. On August 7, 2024, Pearl Cohen Zedek Latzer Baratz, counsel to Kadimastem, or Pearl Cohen, sent the initial draft of the Merger Agreement to Sullivan & Worcester LLP, counsel to the NLS, or Sullivan. Between August 17, 2024 and November 4, 2024, Sullivan and Pearl Cohen exchanged drafts and negotiated the terms of the definitive transaction agreements, including the Merger Agreement. Regular meetings by phone call and video conference took place during this period, some of which included the parties’ respective legal counsel and financial advisors. The terms negotiated between the parties, among others, included the representations and warranties of both NLS and Kadimastem to be contained in the Merger Agreement, the tax rulings to be obtained before the closing and the interim covenants to be contained in the Merger Agreement, including regarding the solicitation of alternative transactions, and the Company’s ability to access capital. On August19, 2024, August20, 2024, August21, 2024, and August23, 2024, a series of follow -upmeetings transpired among representatives of NLS, Kadimastem, Sullivan, and Pearl Cohen. During these engagements, the parties deliberated on a broad spectrum of topics pertinent to the Merger and the Merger Agreement. Among the focal points was an assessment of the cash reserves NLS would possess at the Effective Time of the Closing, ensuring a clear understanding of the financial posture of the combined entity at that juncture. Discussions frequently highlighted the prospective synergies and positive attributes anticipated from the union of NLS and Kadimastem, with an emphasis on the