Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 40

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 40
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,000, inclusive of the Investment Proceeds Adjustment, and (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $0.8million, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 4.7 NLS Common Shares on a fully diluted basis. v

The Exchange Ratio is subject to adjustment as set forth in the Merger Agreement, including, among other things, in the event of the failure of NLS or Kadimastem to satisfy certain closing conditions; provided, however, that in the event that the Closing Indebtedness (as defined in the Merger Agreement) is greater than $0 and/or the Closing Cash (as defined in the Merger Agreement) is less than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further, however, that in the event that the sum of the Closing Cash (as defined in the Merger Agreement) minus the Closing Indebtedness (as defined in the Merger Agreement) is more than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will be less than the anticipated and agreed 85% of all issued and outstanding shares. For a more complete description of what the holders of Kadimastem Ordinary Shares will receive in the Merger, please see the section entitled “ The Merger Agreement — Merger Consideration” in this proxy statement/prospectus. Q.What are the respective valuations attributed to NLS and Kadimastem in the Merger? For purposes of the Merger, as of December19, 2024, Kadimastem has been valued at $71.1million (using Risk -AdjustedNet Present Value method) and NLS has been valued between $11million and $12million (Using Market Value approach). The combined company was assumed to be at an aggregate value of $82.1million to $83.1million. On the date immediately prior to the public announcement of the Merger, July26, 2024, the closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary Share on the TASE was $1.47, with a market capitalization of $