Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 496

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 496
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100% of Kadimastem’s issued and outstanding shares. 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 cash at the Measurement Date of NLS and Kadimastem and estimated indebtedness of NLS at the Measurement Date. Based on various factors, including gross cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7 million 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 to be raised prior to the Closing Date, the parties currently estimate the fully diluted share split at the Closing will be approximately 83% to Kadimastem shareholders and 17% to NLS shareholders. The Merger Agreement and the consummation of the transactions contemplated thereby have been approved by the boards of directors of NLS and Kadimastem, and Kadimastem’s shareholders. The NLS Board has resolved, subject to customary exceptions, to recommend that the shareholders of NLS approve the Merger Agreement and the transactions contemplated therein. The parties expect the Merger to close in the third quarter of 2025, pending approval of NLS’s shareholders, as well as other customary closing conditions, including Nasdaq approval. The most recent financial information available for NLS for the twelve months December31, 2024, have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The most recent financial information available for Kadimastem Ltd. for the twelve months December31, 2024, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The unaudited pro forma condensed combined financial statements, were prepared in accordance with regulations of the Securities and Exchange Commission and with IFRS, as issued by the International Accounting Standards Board. The unaudited pro forma condensed combined financial statements combines the historical balance sheet and statement of operations for