Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 832

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 832
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 received in respect of the primary contract. As part of the valuation project that was carried out at the time of completion, the total net consideration received by the Company, USD $1,699 thousand, was first allocated to the conversion component and a financial derivative in respect of the conversion mechanism, which constitutes a financial liability that was measured initially and in subsequent reporting periods at fair value through profit or a loss, in accordance with the provisions of IFRS9, “— Financial Instruments.” The remaining amount was attributed to the debt component, which will be presented at amortized cost and at a discount rate of 370%. In accordance with the above, the breakdown of the components of the convertible loan agreement as of the completion date is as follows :

|                                                                                   |     | Fair value |
|                                                                                   |     |     USD in 
  thousands |
| Consideration attributed to the Loan, at amortized cost – host contract           |     |        293 |
| Consideration attributed to the conversion component and the financial derivative |     |      1,406 |
| Total consideration less the issuance expenses                                    |     |      1,699 |

Annex G-28

KADIMASTEM LTD.
NOTES TO FINANCIAL STATEMENTS NOTE 15: — CONVERTIBLE LOAN AND CONVERSION COMPONENT OF CONVERTIBLE LOAN AND WARRANTS (cont.) The fair value estimate of the financial derivative component as of the completion date, as of December 31, 2023, and December 31, 2024 was calculated as part of a valuation that was carried out using the Monte Carlo model and a binomial model. The parameters used in the calculation of the fair value according to the aforementioned models are:

|                                           |     | December 31 
        2023 |   |     | Completion 
       date |   |     | December 31 
        2024 |   |
|:------------------------------------------|:----|------------:|:--|:----|-----------:|:--|:----|------------:|:--|
| Share price                               |     |        59.3 |   |     |       60.4 |   |     |       12.82 |   |
| Volatility – conversion component of loan |     |          55 | % |     |         55 | % |     |         106 | % |
| Volatility – warrants                     |     |          73 | % |     |         73 | % |     |