Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 67

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 67
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LS Common Shares that will equal 80% of all issued and outstanding shares (calculated on a fully -dilutedbasis, inclusive of Kadimastem’s equity awards assumed by NLS), subject to the adjustments as set forth in the Merger Agreement, including: (i) the Investment Proceeds Adjustment, (ii) the amount by which NLS’s estimate of its cash at the Closing differs from the target of $600,000, subject to the Investment Proceeds Adjustment, (iii) the amount by which NLS’s estimate of its indebtedness at the Closing differs from the target of $0, and (iv) the amount by which Kadimastem’s estimate of its cash at the Closing differs from the target of $3,500,000, subject to the Investment Proceeds Adjustment. 2 For example, if (i) the Merger was consummated as of March28, 2025, (ii) the amount of proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives equaled $2,700,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $2,200,000, inclusive of the Investment Proceeds Adjustment, (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $0, and (iv) the amount of Kadimastem’s estimate of its cash at the Closing equaled $2,600,000, inclusive of the Investment Proceeds Adjustment, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 3 NLS Common Shares on a fully diluted basis. For purposes of the Merger, Moore Financial Consulting, or Moore, as of December19, 2024, valued Kadimastem at $71.1million (using Risk -AdjustedNet Present Value method) and valued NLS 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. On the date immediately prior to the public announcement of the Merger, July26, 2024, NLS’ closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary