Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 7

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 7
---
imastem and estimated closing indebtedness of NLS. The target fully diluted share split of 85% / 15% is subject to adjustment pursuant
to the terms of the Merger Agreement, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness
of NLS. Based on the cash balance of NLS following the Company’s recent financing dated October 2024 and December 2024.

The Merger Agreement provides that, upon the terms
and subject to the conditions thereof, following the Closing, the Company shall work diligently to dispose of any intellectual property,
assets, rights, contracts, agreements, leases, arrangements (regardless of form), approvals, licenses, permits, whether current or future,
whether or not contingent, of the Company and its subsidiaries related solely to any product candidate of the Company and its subsidiaries,
other than the Company’s Dual Orexin Agonist platform, or such assets to be disposed, the Legacy Assets. It is expected that the
proceeds from any such disposition will be distributed to the shareholders and warrantholders of the Company as of immediately prior to
the Effective Time pursuant to the terms and conditions of a contingent value rights agreement, substantially in the form attached to
the Merger Agreement, or the CVR Agreement, subject to the adjustments set forth therein.

<div align='center'>1</div>

At the Effective Time, each:

| ● | Kadimastem Ordinary Share issued and outstanding immediately prior to the Effective Time will be exchanged for and converted into the right to receive a number of newly issued, fully paid and nonassessable Common Shares equal to the Exchange Ratio; |

| ● | option, restricted share unit, restricted share, warrant or other rights issued and outstanding, whether vested or unvested, to purchase Kadimastem Ordinary Shares, shall be assumed by the Company and converted into an option, warrant, other award, or right, as applicable, to purchase Common Shares in accordance with the terms of the Merger Agreement; and |

| ● | each Common Share issued and outstanding immediately prior to the Effective time, and each Common Share acquirable upon the exercise of outstanding warrants and pre-funded warrants of the Company, shall continue to remain outstanding and, in addition, be entitled to a contingent value right, or CVR, pursuant to the terms of the Merger Agreement and the CVR Agreement. |

The Merger Agreement and the consummation of the transactions contemplated thereby have been approved