Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 284

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 284
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 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’ 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’ 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 $53.9 million and $88.7 million. The compensation paid to Moore for the fairness opinion and valuation reports was $20,000. The study was performed by Tzach Kasuto, M.Sc. Kasuto is a partner at Moore. He has approximately 20 years of experience in consulting and management, including extensive experience in business, strategic and economic consulting. Tzach holds a bachelor’s degree in economics and an MBA from Tel Aviv University. His areas of expertise include: company valuation, fairness opinions, common share valuations, purchase price allocations, employee stock option valuation, expert opinions, feasibility studies, and pricing analysis. In the last two years, there has been no relationship or understanding between the Moore or its affiliates and Kadimastem or its affiliates, nor was any compensation paid or payable