Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 294

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 294
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 the management teams of NLS and Kadimastem confirmed their desire to negotiate the terms of a potential transaction. On July 16, 2024, NLS considered a potential business combination transaction with Party A, a Canadian private biotech company, focusing on viral infections. Party A contacted Mr.Zwyer, Chief Executive Officer of NLS directly and on July 19, 2024, NLS received a draft non -bindingletter of intent from Party A. However, as NLS was already in advanced discussions with Kadimastem at the time when NLS began discussions with Party A and since Kadimastem’s offer was significantly more attractive than the offer from Party A and the timing to get to a binding term sheet was considered much quicker with Kadimastem, NLS determined to focus on its discussions with Kadimastem. On July 26, 2024, NLS informed Party A that NLS did not intend to pursue the potential business combination transaction for commercial reasons being that the offer NLS received from Kadimastem was between 3 and 4 times higher with respect to the exchange ratio compared to the offer from Party A, and given that negotiations between NLS and 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 Nas