Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 777

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 777
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 and the bank. 2.The Company will pay monthly interest payments on the Bank Loan. When the Bank Loan was first recognized, the Company measured the fair value of the benefit it had received from Prof. Revel in his capacity as an interested party in the Company and credited it to the interested party transaction capital reserve, less the tax effect. The discount rate was determined according to the CAPM (capital asset pricing model) and the WACC (weighted average cost of capital) as of the reporting date, and was determined by the Company at a rate of approximately 21%, based on the following assumptions:

| Rate of return     |     |   21 | % |
| Variance           |     | 1.02 |   |
| Risk-free interest |     |  4.1 | % |

Since December 31, 2020, the loan has been renewed annually for an additional year, such that as of December 31, 2024, the repayment date is December 31, 2025. As of December 31, 2024, due to the change in interest rates in the economy, the interest rate on the Bank Loan is 7.75%. The Bank Loan is presented at fair value as of December 31, 2024, in the amount of USD $293 thousand.

Annex G-18

KADIMASTEM LTD.
NOTES TO FINANCIAL STATEMENTS NOTE 9: — LIABILITIES AND LOANS FROM INTERESTED PARTIES AND OTHERS (cont.) Due to updates to the aforementioned loan terms, in 2024, 2023, and 2022, the Company credited a benefit to the interested party transactions capital reserve, totaling USD $28, $53, and47$ thousand net, respectively . B.Below is a breakdown of the loans from an interested party as of December 31, 2024:

| Loan receipt 
 date         |     | Name               
 of the             
 lender             |     | Repayment     
 date          
 according     
 to the        
 original loan 
 agreement     
 terms         |     |      Loan 
    amount |     | Loan  
 terms |   |     |       Loan 
     amount 
  converted 
 into share 
    capital |     |      Number of 
   shares (p.v. 
       NIS 0.1) 
 issued for the 
  conversion of 
       the loan |     | Date of       
 conversion to 
 equity        |     |   Outstanding 
 loan balances