Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 217

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 217
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 negotiated outcome that balanced these considerations while ensuring alignment with the strategic rationale of the transaction and fairness to both sets of shareholders. NLS and Kadimastem then confirmed these valuation estimations through the fairness opinion provided by Moore. NLS and Kadimastem did not find that there were significant gaps in its initial proposed valuation of NLS and Kadimastem in comparison to the valuations provided by Moore in its fairness opinion. Kadimastem’s Background of the Merger As part of their ongoing oversight, direction and management of Kadimastem’s business, the board of directors and management of Kadimastem regularly review and discuss Kadimastem’s performance, business plan, strategic direction and future growth prospects. The board of directors of Kadimastem determined to pursue the Merger in order to increase shareholder value because of the potential to meaningfully increase Kadimastem’s visibility in the U.S. market and the anticipated collaboration potential with the DOXA program. The board of directors of Kadimastem discussions have included the evaluation and consideration of a variety of strategic opportunities to increase the size of Kadimastem and the potential benefits and risks of such strategic opportunities. Prior to entering into the Merger Agreement, Kadimastem conducted a thorough search for a potential merger transactions drawing upon, among other things, the extensive network, investment and operating experience of Kadimastem’s management team. On July2, 2024, members of management of NLS and Kadimastem had an introductory call to discuss a potential merger transaction. Throughout all of the month of July 2024, the management teams of NLS and Kadimastem had intensive discussions to outline a potential strategic transaction. The management teams of NLS and Kadimastem discussed potential merger transactions and the desirability of proceeding with a combination of NLS and Kadimastem. At the end of July 2024, each of the management teams of NLS and Kadimastem confirmed their desire to negotiate the terms of a potential transaction. On July8, 2024, NLS started to review a draft term sheet which was provided to NLS by Kadimastem on the same date. The binding term sheet outlined a proposed reverse triangular merger under which Kadimastem will become a wholly owned subsidiary of NLS. The combined company will continue as a Nasdaq -listedentity and was expected to operate under the name Kadimastem. The term sheet contemplated that the transaction was conditioned on several