Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 600

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 600
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 the NLS value at closing we subtract the value of a NASDAQ shell company ($6 million) and reach a value of $7.0 million for both the legacy research and DOXA platform. As the transaction includes only the DOXA platform and the legacy platform will be divested, the value of the Company for the Transaction should be the shell company value together with the DOXA platform value. Due to its immaturity as early -stagetechnologies, indication of the values of the DOXA platform and legacy research are very volatile. We do know that more funds were invested in legacy research than on the DOXA platform. Therefore, we assume the DOXA platform value to be in the range of $2 -3million. As of Closing Date, the company has a cash balance of $4 million, significantly higher than measured NASDAQ shell companies’ cash balance, of about $1 million in average. Therefore, the value of the Company at closing is as follows:

| Valuation               |     |        $ mm |
| Value of a NASDAQ shell |     |         6.0 |
| Excess Cash Balance     |     |         3.0 |
| Value of DOXA           |     |   2.0 – 3.0 |
| Value of NLS at closing |     | 11.0 – 12.0 |

For the Transaction we value NLS in the range of $11.0 million to $12.0 million .

| Moore Financial Consulting |

Annex E-46

Annex F FORM 20-F ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 001 -39957 ________________________________ NLS PHARMACEUTICS LTD. (Exact name of registrant as specified in its charter) ________________________________ Translation of registrant’s name into English: Not applicable Switzerland (Jurisdiction of incorporation or organization) The