Company: NCEL
Filing Date: 2025-10-24
Form Type: POS AM
Source: 0001213900-25-102149
Chunk: 9

Company: NewcelX Ltd.
Filing Date: 2025-10-24
Form: POS AM
Chunk 9
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 on May 16, 2025), the parties have approved at the
extraordinary general meeting of the shareholders of NLS on September 29, 2025 that the fully diluted share split at the Closing will
be 84.4% to Kadimastem shareholders and 15.6% to NLS shareholders. For accounting purposes, Kadimastem is determined to be the accounting
acquirer based upon the terms of the Merger Agreement and other factors including: (i) Kadimastem security holders are expected to own
approximately 84% of the voting interests of the combined company immediately following the Closing; (ii) directors appointed by Kadimastem
will constitute the majority of the board of directors of the combined company; and (iii) employees of Kadimastem will constitute the
majority of the management of the combined company. The Merger is anticipated to be accounted for using the acquisition method (as a
reverse triangular merger), with goodwill and other identifiable intangible assets recorded in accordance with International Financial
Reporting Standards, as applicable to be determined at the time of Merger.

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On September 29,
2025, the shareholders of NLS approved the transactions contemplated by the Agreement and Plan of Merger dated November 4, 2024,
or the Merger, which was further amended on January 30, 2025, February 17, 2025, May 5, 2025, June 5, 2025, July 1,
2025, July 18, 2025, and August 29, 2025, or the Merger Agreement, and all related proposals at an extraordinary general meeting
held on September 29, 2025, or the Meeting. The final exchange ratio, as calculated pursuant to a formula and in accordance with
the terms of the Merger Agreement, or the Exchange Ratio, was determined on September 26, 2025, and under the approved terms, Kadimastem
shareholders will own approximately 84.4% of the combined company, while NLS shareholders will retain approximately 15.6% ownership,
reflecting the relative value contributions of each company and based on the estimated cash of NLS and Kadimastem and estimated indebtedness
of NLS as measured at the close of business on the day preceding the Meeting.

As part of the capital
structure measures approved at the Meeting, NLS shareholders authorized (