Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 68

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 68
---
 Share on the TASE was $1.47, with a market capitalization of $6,661,646. On December19, 2024, the time of the determinations of the values for each company, Kadimastem’s market capitalization was $22,329,905 and its closing price per share was $3.161, each as calculated and converted from NIS to dollars based on a conversion rate of 3.645 on such day. On December19, 2024, NLS’s closing price per Common Share on the Nasdaq was $2.38, with a market capitalization of $4.35million. NLS and Kadimastem believe that the combined liquidity at Closing on a consolidated basis will be approximately $6.5million, with a combined amount of debt equal to approximately $1.0million. NLS performed a debt to equity conversion on October15, 2024 and is free of past liabilities, except for current working capital needs. NLS believes that as of the Closing it will have sufficient funds to commence Kadimastem’s Phase IIa trial for ALS. The Merger Agreement further provides that, upon the terms and subject to the conditions thereof, following the Closing, NLS shall work diligently to dispose of any Legacy Assets, which excludes the DOXA platform. The DOXA platform includes AEX -041. It is important to note that AEX -041is currently in the preclinical stage of development. This means that the candidate is undergoing early laboratory studies to evaluate its safety profile and pharmacological properties, and it has not yet been tested in human clinical trials. Consequently, its efficacy, concept, and potential for regulatory approval remain subject to further research and development. It is expected that the proceeds from any such disposition will be distributed to the shareholders and warrantholders of NLS as of immediately prior to the Effective Time pursuant to the terms and conditions of the CVR Agreement, subject to the adjustments set forth therein. Merger Consideration (Page 94 and 112) Pursuant to the terms of the Merger Agreement, each Kadimastem Ordinary Share will be exchanged for and converted into the right to receive a number of newly issued, fully paid and nonassessable NLS Common Shares equal to the Exchange Ratio, subject to certain adjustments as of the Closing, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. The Exchange Ratio is subject to adjustment