Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 123

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 123
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 board of directors of the combined company; and (iii) employees of Kadimastem will constitute the majority of the management of the combined company. Therefore, Kadimastem is anticipated to be the accounting acquirer because it is anticipated to control the board of directors, management of the combined company, and the preexisting shareholders of Kadimastem are expected to have the majority voting rights of the combined company. Comparison of Shareholders’ Rights (Page 288) Upon completion of the Merger, Kadimastem’s shareholders immediately prior to the Effective Time of the Merger will receive NLS Common Shares and become NLS shareholders, and their rights will be governed by applicable Swiss law, including the Swiss Code of Obligations, or the CO, and by the Articles. Kadimastem’s shareholders will have different rights once they become shareholders of the combined company due to differences between Swiss law and the governing documents of NLS, on the one hand, and Israeli law and the governing documents of Kadimastem, on the other hand. These differences are described in more detail under the section entitled “ Comparison of Shareholders’ Rights and Corporate Governance” beginning on page 288. No Appraisal Rights (Page 311) The Israeli Companies Law, 5759 -1999, or the Israeli Companies Law, does not provide for shareholders’ appraisal rights except for the appraisal by a court under limited circumstances in connection with an acquisition of the shares of a publicly traded company. NLS’s shareholders are not entitled to appraisal rights in connection with the Merger. Holders of NLS Common Shares do not have appraisal rights under the laws of Switzerland in connection with the Merger. For further information relating to appraisal rights, see the sections entitled “ Compulsory Acquisitions; Appraisal Rights” beginning on page 311, of this proxy statement/prospectus. 21

COMPARATIVE PER SHARE MARKET PRICE INFORMATION NLS Common Shares trade on Nasdaq under the symbol “NLSP” and Kadimastem Ordinary Shares trades on the TASE under the symbol “KDST”. The table below sets forth the closing price per NLS Common Share on Nasdaq and per Kadimastem Ordinary Share on TASE on July 29, 2024, the date preceding public announcement of the Merger, and on August 28, 2025, the latest practicable date before the date of this proxy statement/prospectus, and the equivalent price of Kadimastem Ordinary Share (as determined by