Company: NCEL
Filing Date: 2025-11-06
Form Type: POS AM
Source: 0001213900-25-106799
Chunk: 47

Company: NewcelX Ltd.
Filing Date: 2025-11-06
Form: POS AM
Chunk 47
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 -ownedsubsidiary of NLS. Pursuant to the Merger Agreement, the Kadimastem shareholders agreed to convert their share capital in exchange for the right to receive a number of validly issued, fully paid and nonassessable NLS Common Shares, equal to the Exchange Ratio, per each such Kadimastem Ordinary Share. The following is a summary of the components of the estimated consideration in equity if the acquisition of Kadimastem had occurred on October 3, 2025:

| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares, options and warrants*                      |     |  9,320,386 |   |
| Estimated Kadimastem Shares at time of the Merger (assuming exercise of all Common Warrants into NLS Common Shares)*                                  |     |  7,295,376 |   |
| Elimination of Kadimastem Ordinary Shares                                                                                                             |     | (7,295,376 | ) |
| Issuance of NLS Common Shares to Kadimastem shareholders including convertible loans, RSUs and options                                                |     | 50,423,799 |   |
| Total NLS Common Shares and NLS Common Shares underlying outstanding Preferred Shares and Preferred Participation Certificates outstanding at Closing |     | 56,538,856 |   |
| Exchange Ratio:                                                                                                                                       |     |     6.9117 |   |

____________ *Represents NLS’s outstanding shares as of October 3, 2025. The Merger will be considered an acquisition of a business and will be accounted for under IFRS 3 which will require the measurement of assets acquired and liabilities to be determined at the time of the Closing. The acquisition -datefair value of the consideration transferred will be calculated based on the equity interests held by NLS’s preexisting shareholders and retained post -combination. The estimated fair value of the purchase price consideration will be determined at the time of the Closing based on the fair market value of NLS Common Shares and will be allocated based on the assets and liabilities of NLS that will be reflected at carrying value and the net assets of NLS, including goodwill and other identifiable intangible assets of NLS will be recorded based upon their fair values at time of Closing. The estimated fair value of the purchase price consideration will be based upon the number of NLS Common Shares expected to be outstanding at the time of the Merger along with the market price of the NLS Common Share on