Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 679

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 679
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zogen werden. Solely the German version of the company’s statutes shall be legally binding. The English translation shall have no legal effects and may not be used for the interpretation of the German wording. Zug, […] 2025 Zug, […] 2025 Konformitätsbeglaubigung: Der unterzeichnete Notar [•], beglaubigt hiermit, dass es sich vorliegend um die vollständigen, unter Berücksichtigung der Änderungen vom heutigen Tag gültigen Statuten der NLS Pharmaceutics AG, Kloten, handelt. St. Gallen, den [•] 2025 Der Notar:

Annex D-21

Annex E Valuation Report of Moore Financial Consulting 19/12/2024 To: Kadimastem Ltd Dear Sirs, You have requested our opinion as to the fairness, from a financial point of view, to Kadimastem Ltd. (“Kadimastem” or the “Company”) of the Exchange Ratio in the proposed merger (the “Transaction”) between Kadimastem And NLS Pharmaceutical Inc. (together: the “Companies”). Pursuant to the Agreement and Plan of Merger, (the “Agreement”), assuming specific conditions specified in the agreements, including cash balances in both companies, both companies will hold common shares of the merged entity, a NASDAQ traded company, with holding ration of 85% to the original Kadimastem shareholders and 15% to the original NLS shareholders. In connection with preparing our opinion, we have (i) reviewed the Agreement; (ii) reviewed certain publicly available business and financial information concerning the Companies and the industries in which they operate; (iii) analyzed both companies’ share pricing as traded in the relevant stock exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by the managements of the Companies relating to the Companies’ businesses (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of this opinion. In addition, we have held discussions with certain members of the management of the Companies with respect to certain aspects of the Transaction, and the past and current business operations of the Companies, the financial condition and future prospects and operations of the Companies, and certain other matters we believed necessary or appropriate to our inquiry. In giving our opinion, we have relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with