Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 60

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 60
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 and other agents for the cost of forwarding proxy materials to beneficial owners. Q.What will happen to Kadimastem’s equity awards plans? At the Effective Time each option, restricted share unit, restricted share, warrant or other rights issued and outstanding, whether vested or unvested, to purchase Kadimastem Ordinary Shares, shall be assumed by NLS and converted into an option, warrant, other award, or right, as applicable, to purchase NLS Common Shares in accordance with the terms of the Merger Agreement. xvii

Q.What is the anticipated ownership of the combined company following the Merger? The initial Exchange Ratio is estimated to result in Kadimastem shareholders holding approximately 85% of the issued and outstanding NLS Common Shares, subject to certain adjustments as of the Closing, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. The target fully diluted share split of 85%/15% is subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. Based on the cash proceeds from NLS’s financing transactions from October 2024 through March 2025 (approximately $5.7million 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”), the parties currently estimate the fully diluted share split at the Closing will be approximately 80% to Kadimastem shareholders and 20% to NLS shareholders. The anticipated beneficial ownership of the combined company following the Merger is set forth below:

| Name and Address of Beneficial Owner       |     |           NLS 
 Common Shares |     |      |     | Voting 
 Power  
 (%)    |
| Number(1)                                  |     |             % |     |      |     |        |
| Executive Officers and Directors           |     |               |     |      |     |        |
| Michel Revel(2)                            |     |     6,580,745 |     | 16.9 |     |        |
| Ronald Hafner(3)                           |     |       557,131 |     |  1.4 |     |        |
| Ronen Twito(4)                             |     |     2,065,049