Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 298

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 298
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 Kadimastem met with Donohoe Advisory Associates LLC, or the Donohoe Advisors, to discuss the financial projections of the combined company. Donohoe guided NLS and Kadimastem through Nasdaq compliance and the Merger process by leveraging their expertise in U.S. stock exchange listing requirements, as demonstrated by their assistance in assessing and resolving NLS’s prior stockholders’ equity deficiencies to secure Nasdaq approval, while also providing input in structuring the Merger to meet Nasdaq’s initial and continued listing standards and post -Mergergovernance to ensure the combined company could trade on the Nasdaq Capital Market. Between August 25, 2024 and September 13, 2024, Sullivan and Pearl Cohen exchanged drafts and negotiated further the aforementioned terms of the Merger Agreement. On August 29, 2024, Pearl Cohen sent the initial draft of the CVR Agreement to Sullivan. Between August 29, 2024 and November 4, 2024, Sullivan and Pearl Cohen exchanged drafts and negotiated the terms of the CVR Agreement. The 129 material terms negotiated included the amount payable to the CVR Holders under the agreement, what constitutes an Event of Default, the mechanism of issuance of CVRs, the payment procedure, audit and information rights and succession and assignment. The main reason for the parties’ determination to exclude the DOXA asset from the CVR Agreement while including all of its other existing R&D assets under development was the DOXA program’s potential commercial and research and development synergies with the Kadimastem technology. The other reason was that the DOXA program has a relatively modest capital requirement as a preclinical asset. The parties determined in the negotiations that it would be inefficient to further develop all other existing R&D assets under development at NLS by the combined company. Regular meetings by phone call and video conference took place during this period, some of which included the parties’ respective legal counsel and financial advisors. The terms negotiated between the parties, among others, included the responsibilities of the rights agent, mechanics of the distribution, and term of the CVR Agreement. On September6, 2024, NLS and Kadimastem had a call to discuss the capital structure of the combined company following the Merger. On September9, 2024, NLS, Kadimastem, and Donohoe Advisors had a call to discuss Donohoe Advisors’ analysis of the financial projections of the combined company and the extraordinary general meeting of NLS shareholders