Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 305

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 305
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 Ratio in the Merger, and did not address any other aspect of the Merger. Moore expressed no opinion as to the fairness of the Exchange Ratio to the holders of any class of securities, creditors or other constituencies of Kadimastem or as to the underlying decision by Kadimastem to engage in the proposed Merger. The summary of the opinion of Moore set forth in this proxy statement/prospectus is qualified in its entirety by reference to the full text of such opinion. The opinion does not constitute a recommendation to any shareholder of Kadimastem as to how such shareholder should vote with respect to the proposed Merger or any other matter. In arriving at its opinion, Moore, among other things: (i) reviewed the Merger Agreement; (ii) reviewed certain publicly available business and financial information concerning Kadimastem and NLS (collectively, the “Companies”) and the industries in which they operate; (iii) analyzed Companies’ share pricing as traded on the respective stock exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by the managements of the Companies relating to their businesses (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of the opinion. In addition to the above, Moore has held discussions with certain members of the management of the Companies with respect to certain aspects of the Merger, and the past and current business operations of the Companies, the financial condition and future prospects and operations of the Companies, and certain other matters Moore believed necessary or appropriate for its inquiry. In giving its opinion, Moore has relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with Moore by the Companies or otherwise reviewed by or for Moore. Moore has not independently verified any such information or its accuracy or completeness and, pursuant to its engagement letter with Kadimastem, Moore did not assume any obligation to undertake any such independent verification. Except for the valuation reports prepared by Moore, it has not conducted or been provided with any valuation or appraisal of any assets or liabilities, nor have it evaluated the solvency of the Companies under any state or federal laws relating to bankruptcy, insolvency or similar matters. In relying on financial analyses and forecasts provided to Moore or derived therefrom, including technological and pharmaceutical situations of both Companies, Moore has assumed that they have been reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by managements as to the expected future results of operations and financial condition of the