Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 280

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 280
---
 to the Companies with respect to such issues. Moore has further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the Merger will be obtained without any adverse effect on the Companies or on the contemplated benefits of the Merger. Moore’s opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to it as of December 19, 2024. It should be understood that subsequent developments may affect Moore’s valuation reports and/or fairness opinion, and that Moore does not have any obligation to update, revise, or reaffirm its valuation reports or fairness opinion. Moore’s opinion is limited to the fairness, from a financial point of view, of the Exchange Ratio in the proposed transaction. The terms of the Merger Agreement, including the Exchange Ratio, were determined through arm’s length negotiations between Kadimastem and NLS, and the decision to enter into the Merger Agreement was solely that of the Kadimastem Board. Moore’s valuation reports and fairness opinion were only one of the many factors considered by the Kadimastem Board in its evaluation of the proposed Merger and should not be viewed as determinative of the views of the Kadimastem Board or management with respect to the proposed Merger or the Exchange Ratio. The full text of the valuation reports and fairness opinion of Moore dated December19, 2024, which set forth, among other things, the assumptions made, forecasts presented, matters considered and limitations on the review undertaken, is attached as Annex E to this proxy statement/prospectus. Valuation of Kadimastem Through Income Approach Using rNPV Analysis In accordance with customary practice, Moore employed generally accepted valuation methodology in rendering its valuation reports to Kadimastem on December 19, 2024. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Kadimastem and NLS valuation analyses. Kadimastem’s and NLS’s valuations were performed under the income approach, using the Risk -AdjustedNet Present Value, or the rNPV Analysis method. This method enhances standard discounted cash flow, or DCF, analysis by adjusting cash flow projections for the probability of success, i.e., adjusting for the probability of successfully advancing through clinical trials and regulatory approval. As a result, this method is also referred to as the expected net present value (eNPV)