Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 350

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 350
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 NLS Pharma Ltd. and NLS-1 Pharma Ltd., in Switzerland. In April 2016, NLS-0 Pharma Ltd.
was also incorporated. Subsequently, in a reorganization effective January 1, 2019, NLS Pharma Ltd. and NLS-0 Pharma Ltd. merged into
NLS-1 Pharma Ltd., which was then renamed NLS Pharmaceutics Ltd. The Company went public on January 29, 2021, with its shares listed on
the Nasdaq Capital Market. On April 27, 2021, the Company formed NLS Pharmaceutics Inc., a Delaware corporation (“ NLS Inc.”).
On November 3, 2024, the Company formed NLS Pharmaceutics (Israel) Ltd., an Israeli company for the purposes of the potential merger transaction.

The accompanying consolidated financial statements include the results
of the Company and its wholly-owned subsidiaries. All references hereinafter to the Company mean the Company and its subsidiaries
NLS Inc. and the Merger Sub.

Agreement and Plan of Merger

On November 4, 2024, the Company, the Merger Sub,
and Kadimastem Ltd., an Israeli publicly traded company limited by shares (TASE: KDST) (“ Kadimastem”), entered into an Agreement
and Plan of Merger (the “ Merger Agreement”), pursuant to which (i) Kadimastem will merge with and into Merger Sub, with Merger
Sub as the surviving company (the “ Merger”), and (ii) at the effective time of the Merger (the “ Effective Time”),
each issued and outstanding ordinary share of Kadimastem, no par value (“ Kadimastem Ordinary Share”), will be exchanged for
and automatically converted into the right to receive from the Company that certain number of fully paid and nonassessable common shares,0.03Swiss Franc (CHF) par value per share, of the Company (“ Company Common Share”) as calculated in accordance with the terms
of the Merger Agreement (the “ Exchange Ratio”). It is anticipated that the initial Exchange Ratio is estimated to result in
Kadimastem shareholders holding80% of the issued and outstanding shares of Company Common Shares on a fully diluted basis, subject to
certain adjustments as of the closing of the Merger (the “ Closing”).

The Merger Agreement provides that, upon the terms
and subject to the conditions thereof, following the Closing,