Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 295

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 295
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 Kadimastem were much more advanced. Therefore, the NLS Board determined it was more likely to be successful with Kadimastem as NLS was facing a potential Nasdaq delisting in October 2024. Representatives from both NLS and Kadimastem were actively involved in the negotiations, meetings, and correspondence related to the Merger. On behalf of NLS, the Chairman of the Board, Alexander Zwyer, Eric Konofal, Elena Thyen, Sullivan and Pascal Honold from Wenger Vieli Ltd. participated in these discussions. Kadimastem was represented by its Executive Chairman and Chief Executive Officer, Ronen Twito, Chief Financial Officer, Uri Ben Or, Chief Scientific Officer, Professor Michel Revel, M.D,VP of R&D, Kfir Molakandov, Kadimastem’s Vice President of Research and Development, and Kadimastem’s legal counsel, Pearl Cohen Zedek Latzer Baratz LLP. On July 8, 2024, NLS started to review a draft term sheet which was provided to NLS by Kadimastem on the same date. The binding term sheet outlined a proposed reverse triangular merger under which Kadimastem will become a wholly owned subsidiary of NLS. The combined company will continue as a Nasdaq -listedentity and was expected to operate under the name Kadimastem. The term sheet contemplated that the transaction was conditioned on several customary and specific closing requirements, that NLS must obtain shareholder approval, and that NLS has already secured commitments of support from shareholders representing more than 40% of its outstanding shares. It further stated that NLS will remain an SEC -reportingentity with shares traded on Nasdaq. The term sheet further required Kadimastem to maintain $3.5 million in cash on hand at the Closing of the Merger, while NLS must have $0.6 million in cash and as a condition to closing, NLS’s liabilities to vendors and insiders must be settled and removed from its balance sheet. Furthermore, the term sheet stated that most of NLS’s officers and directors will resign from their positions, with the combined company anticipated to focus on advancing Kadimastem’s allogeneic cell therapy platform. On July 26, 2024, NLS and Kadimastem signed a binding term sheet based on a draft of a binding term sheet that Kadimastem had provided to NLS on July 8, 2024. On July 29