Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 69

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 69
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 to the conditions thereof, following the Closing, NLS shall work diligently to dispose of any Legacy Assets, which excludes the DOXA platform. The DOXA platform includes AEX -041. It is important to note that AEX -041is currently in the preclinical stage of development. This means that the candidate is undergoing early laboratory studies to evaluate its safety profile and pharmacological properties, and it has not yet been tested in human clinical trials. Consequently, its efficacy, concept, and potential for regulatory approval remain subject to further research and development. It is expected that the proceeds from any such disposition will be distributed to the shareholders and warrant holders of NLS as of immediately prior to the Effective Time pursuant to the terms and conditions of the CVR Agreement, subject to the adjustments set forth therein. Merger Consideration (Page 123 and 141) Pursuant to the terms of the Merger Agreement, each Kadimastem Ordinary Share will be exchanged for and converted into the right to receive a number of newly issued, fully paid and nonassessable NLS Common Shares equal to the Exchange Ratio, subject to certain adjustments as of the Closing, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. The Exchange Ratio is subject to adjustment as set forth in the Merger Agreement, including, among other things, in the event of the failure of NLS or Kadimastem to satisfy certain closing conditions, including, without limitation, those closing conditions set forth above; provided, however, that in the event that the Closing Indebtedness (as defined in the Merger Agreement) is greater than $0 and/or the Closing Cash (as defined in the Merger Agreement) is less than $600,000, the resulting number of Company NLS Common Shares issued as Merger Consideration (as defined in the Merger Agreement) will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further, however, that in the event that the sum of the Closing Cash (as defined in the Merger Agreement) minus the Closing Indebtedness (as defined in the Merger Agreement) is more than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will be less than the anticipated and agreed 85% of all issued and outstanding shares. Under the Merger Agreement, any shareholder receiving NLS Common Shares in excess of a 9.99% beneficial ownership limitation as a result