Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 67

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 67
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em into equivalent securities with identical rights in the Company at the time of the completion of the transactions contemplated by the Merger Agreement. Q.What will Kadimastem shareholders receive if the Merger is completed? As a result of the Merger, holders of Kadimastem Ordinary Shares will be entitled to receive NLS Common Shares in exchange for Kadimastem Ordinary Shares, equal to the number of Kadimastem Ordinary Shares held by each Kadimastem shareholder multiplied by the Exchange Ratio. At the effective time of the Merger, each outstanding Kadimastem Ordinary Share will be converted into the right to receive a number of NLS Common Shares equal to the Exchange Ratio, or the Merger Consideration. The Merger Agreement does not provide for an adjustment to the total number of NLS Common Shares that the holders of Kadimastem Ordinary Shares will be entitled to receive to account for changes in the market price of NLS Common Shares. Accordingly, the market value of the NLS Common Shares issued pursuant to the Merger will depend on the market value of the NLS Ordinary Shares at the time the Merger closes and could vary significantly from the market value of the NLS Common Shares on the date of this proxy statement/prospectus. No fractional NLS Common Shares will be issued in connection with the Merger. Instead, each holder of NLS Common Shares who otherwise would be entitled to receive a fractional NLS Common Share will receive such amount rounded down to the nearest whole number of NLS Common Shares. v The Exchange Ratio will be determined based on a formula that is expected to result in the Initial Split, subject to the adjustments as set forth in the Merger Agreement, including: (i) the amount of any proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives, in each case during the period following the Signing Date (as defined in the Merger Agreement) up to and including the Measurement Date (as defined in the Merger Agreement), or the Investment Proceeds Adjustment, (ii) the amount by which NLS’s estimate of its cash at the Measurement Date 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 Measurement Date differs from the target of $0, (iv) valuation of NLS based on the product of (a) the closing price per share of the N