Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 284

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 284
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 calculation of NLS’s fair value, Moore multiplied NLS’s total number of shares (3.6million) by the November average share price ($3.62), resulting in a fair value of $13.0million, which included both NLS’s legacy research and DOXA business. Moore then subtracted the estimated value of the Nasdaq shell (which was estimated at $6million, compared to other Nasdaq shell company valuations conducted during recent years), resulting in a valuation of NLS’s legacy and DOXA businesses equal to $7million. Moore then estimated the value of the DOXA business at $2 - $3million (as NLS’s legacy business is expected to be divested following the Merger). NLS also has a cash balance of $4million, significantly higher than measured Nasdaq shell companies’ cash balance, of about $1million in average. As a result, between the (i) conservative valuation of the NLS Nasdaq public shell ($6million), (ii) the value of NLS’s DOXA business (between $2- $3million) and (iii) an excess cash balance of $3million at the closing of the Merger, Moore determined that for the Merger, NLS’s valuation is within the range of $11.0million to $12.0million. Determination of Fairness of Exchange Ratio In order to examine the fairness of the Exchange Ratio proposed in the Merger, Moore calculated the relative values of both companies, and then calculated each party’s relative part from the combined company (which was assumed to be at an aggregate value of Kadimastem and NLS). Since Kadimastem was valued at $71.1million (using Risk -AdjustedNet Present Value method) and NLS was valued at $11million to $12million (Using Market Value approach), the combined company was assumed to be at an aggregate value of $82.1million to $83.1million. Therefore, Kadimastem’s relative part in the combined company’s value is 85% -86% while NLS’s relative part is 14% -15%. The proposed merger ratio is 85% for Kadimastem and 15% for NLS, which is almost the exact ratio determined from the valuations, and hence was found to be fair. In its valuation reports, Moore has concluded that based on the DCF Analysis and the sensitivity analysis, the value of Kadimastem’s lies between $53.