Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 505

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 505
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. Any remaining consideration not assigned to identifiable net assets — including IPR&D — will be recognized as goodwill in accordance with IFRS 3, Business Combinations (paragraphs 32 – 34). For purposes of this pro forma presentation, NLS has aggregated indefinite -lived intangible assets, and goodwill as distinguishing between them does not impact the current presentation. 3.Earnings Per Share and Common Share Reconciliation The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the outstanding NLS Common Shares and NLS Common Shares underlying NLS Preferred Shares pursuant to which Kadimastem agreed to convert its share capital in exchange for the right to receive a number of validly issued, fully paid and nonassessable NLS Common Shares, equal to the Exchange Ratio (as defined in the Merger Agreement), per each such Kadimastem Ordinary Share, assuming the Merger and related transactions occurred on January1, 2023. An analysis of the number of outstanding NLS Common Shares post -Merger is as follows assuming an Exchange Ratio of 6.2376 shares of NLS for 1 share of Kadimastem Ordinary Shares:

| NLS Shares December 31, 2024 weighted average shares outstanding                                             |     |  1,543,283 |
| NLS Common Shares post-Merger:                                                                               |     |            |
| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares*   |     |  6,115,056 |
| NLS Common Shares issued to Kadimastem shareholders including convertible loans, RSUs and options            |     | 45,505,416 |
| Total NLS Common Shares and NLS Common Shares underlying outstanding Preferred Shares outstanding at Closing |     | 51,620,472 |
| NLS Common Shares underlying warrants and options                                                            |     |  3,205,330 |
| Total NLS Common Shares outstanding as of Closing – Diluted                                                  |     | 54,825,802 |

____________ *Represents NLS’s outstanding shares as of August 28, 2025. 4.Reverse Stock Split The Company also filed a notice of a reverse split with the commercial registry of the Canton of Zurich, Switzerland, on September 18, 2024. The reverse split became effective in Switzerland on September 18, 2024. The reverse stock split was at a ratio of