Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 149

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 149
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 the Merger Agreement)
up to and including the Closing (as defined in the Merger Agreement), or 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.
Based on the cash proceeds from the Company’s recent financing transactions dated October 2024 through March 2025 (approximately
$5.7 million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (see “ Item
5. Operating and Financial Review and Prospects - Components of Operating Results - Recent Financing Agreements”)
the parties currently estimate the fully diluted share split at the Closing will be 80% to Kadimastem shareholders and 20% to NLS shareholders.

The Merger Agreement includes
covenants requiring the Company and its representatives not to (i) initiate, seek, solicit or knowingly encourage (including by way of
furnishing any non-public information relating to the Company or any of its subsidiaries), or knowingly induce or take any other action
which would reasonably be expected to lead to the making, submission or announcement of any Parent Acquisition Proposal (as defined in
the Merger Agreement), (ii) engage in negotiations or discussions with, or provide any non-public information or non-public data to, any
person (other than Kadimastem or any of its affiliates or any of its representatives) relating to any Parent Acquisition Proposal or grant
any waiver or release under any standstill or other agreement (except that if the Board (or any committee thereof) determines in good
faith that the failure to grant any waiver or release would be inconsistent with the Company’s directors’ fiduciary duties
under applicable law, the Company may waive any such standstill provision in order to permit a third party to make a Parent Acquisition
Proposal), (iii) enter into any agreement, including any letter agreement, memorandum of understanding, agreement in principle merger
agreement, or similar agreement relating to any Parent Acquisition Proposal, or (iv) otherwise resolve to do any of the foregoing.

Notwithstanding these