Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 272

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 272
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 the reverse stock split. For example, if a shareholder holds 150.25 NLS Common Shares following the reverse split, that shareholder will receive 150 NLS Common Shares and a cash compensation as described for the 0.25 fraction. NLS registered holders of NLS Common Shares hold their shares electronically in book -entryform with the transfer agent. These shareholders will be provided with a statement reflecting the number of shares registered in their accounts. If a shareholder holds registered shares in book -entryform with the transfer agent, the shareholder may return a properly executed and completed letter of transmittal. Shareholders who hold shares in street name through a nominee (such as a bank or broker) will be treated in the same manner as shareholders whose shares are registered in their names, and nominees will be instructed to effect the reverse split for their beneficial holders. However, nominees may have different procedures and shareholders holding shares in street name should contact their nominees. Shareholders will not have to pay any service charges in connection with the exchange of their certificates. At the NLS Meeting, shareholders will be asked to approve the ordinary capital increase to create and issue the Merger Consideration Shares in accordance with the Merger Agreement. The Exchange Ratio will be determined based on a formula that is expected to result in the Initial Split, subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as of the Measurement Date. 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 currently reasonably expected 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. The Company will provide the final Exchange Ratio no later

110 than the morning of the NLS Meeting. The additional financing investments of approximately $2.5million to be raised prior to the Closing Date is not a condition to Closing;