Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 290

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 290
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 as applicable, to acquire, on substantially the same terms and conditions as were applicable under such equity award, a number of NLS Common Shares equal to the number of NLS Common Shares (rounded down to the nearest whole share) that the holder of such equity award would have been entitled to receive pursuant to the Merger had such holder exercised such award or warrant into full Kadimastem Ordinary Shares immediately prior to the Effective Time as set forth in the Merger Agreement. All restrictions on the exercise of the assumed awards in effect immediately before the Effective Time shall be continuing in full force and effect and the term, exercisability schedule and other provisions of the assumed awards shall otherwise remain unchanged. NLS’s Background of the Merger As part of their ongoing oversight, direction and management of NLS’s business, the Board and NLS’s management regularly review and discuss NLS’s performance, business plan, strategic direction and future growth prospects. The Board determined to pursue the Merger in order to increase shareholder value, increase the pipeline of advanced clinical assets, raise funds and settle debt with vendors and service providers, regain full listing compliance on Nasdaq and consequently improve NLS’s financial position and balance sheet. Since early 2024, insufficient funding to pursue NLS’s initial core strategy — executing the Phase 3 program for the lead asset mazindol ER in narcolepsy — combined with the threat of delisting from the Nasdaq forced the NLS Board to seek alternative strategic directions. One such alternative was a reverse merger with a company that had sufficient funds and a promising, complementary 126 research and development strategy. Given the imminent risks of delisting and running out of cash by October 2024, the NLS Board believed it needed to make a swift decision. The NLS Board discussions included the evaluation and consideration of a variety of strategic opportunities to increase the size of NLS and the potential benefits and risks of such strategic transactions. In this regard, NLS’s management considered the feasibility and attractiveness of a potential transaction between NLS and Kadimastem. On June 29, 2024, NLS engaged H.C. Wainwright & Co. LLC, a U.S. investment bank, or HCW, to assist the NLS management team in exploring strategic transactions. The lead HCW investment banker was Oded Spindel. Pursuant to the finders agreement dated June 28, 2024, or the Finders Agreement, by and between NLS and HCW, HCW agreed to