Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 65

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 65
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 investors introduced to NLS by Kadimastem or its representatives equaled $2,700,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $2,200,000, inclusive of the Investment Proceeds Adjustment, (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $0, and (iv) the amount of Kadimastem’s estimate of its cash at the Closing equaled $2,600,000, inclusive of the Investment Proceeds Adjustment, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 3 NLS Common Shares on a fully diluted basis. For purposes of the Merger, Moore Financial Consulting, or Moore, as of December19, 2024, valued Kadimastem at $71.1million (using Risk -AdjustedNet Present Value method) and valued NLS at $11million to $12million (Using Market Value approach). The combined company was assumed to be at an aggregate value of $82.1million to $83.1million. On the date immediately prior to the public announcement of the Merger, July26, 2024, NLS’ closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary 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