Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 39

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 39
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 (calculated on a fully -dilutedbasis, inclusive of Kadimastem’s equity awards assumed by NLS), subject to the adjustments as set forth in the Merger Agreement, including: (i) the amount of any proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives, in each case during the period following the Signing Date (as defined in the Merger Agreement) up to and including the Closing (as defined in the Merger Agreement), or the Investment Proceeds Adjustment, (ii) the amount by which NLS’s estimate of its cash at the Closing differs from the target of $600,000, subject to the Investment Proceeds Adjustment, (iii) the amount by which NLS’s estimate of its indebtedness at the Closing differs from the target of $0, (iv) valuation of NLS based on the product of (a) the closing price per share of the NLS Common Shares on the principal market or exchange on which the NLS Common Shares are traded on the trading date immediately preceding the Closing Date multiplied by (b) the fully diluted NLS Common Shares outstanding as of immediately prior to the Closing, or the NLS Valuation, and (v) the valuation of the combined company based on the quotient obtained by dividing (a) the NLS Valuation by (b) 0.15, which such valuation reflects the 15% basic ratio share split. Based on the cash proceeds from NLS’s financing transactions from October 2024 through March 2025 (approximately $5.7million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (for more information please see “NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financing Activities”), the parties currently estimate the fully diluted share split at the Closing will be approximately 80% to Kadimastem shareholders and 20% to NLS shareholders. For example, if (i) the Merger was consummated as of June 20, 2025 (other than current liabilities of the previous month), (ii) the amount of proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives equaled $5,700,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $5,000