Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 310

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 310
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 directors and not in any other capacity) in connection with and for purposes of their consideration of the proposed Merger. Moore did not express any opinion as to the fairness of the Exchange Ratio in the Merger 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 issuance of Moore’s opinion is not a recommendation as to how any Kadimastem shareholders should vote with respect to the proposed Merger or any other matter. Pursuant to an engagement letter, Kadimastem retained Moore Financial Consulting as its financial advisor in connection with the proposed Merger. At the meeting dated November 5, 2024, Moore rendered its oral opinion to the Chairman of the Kadimastem Board, the Kadimastem Chief Executive Officer and the Kadimastem Chief Scientific Officer, that, as of such date and based upon and subject to the factors and assumptions set forth in its opinion, the Exchange Ratio in the proposed Merger was fair, from a financial point of view, to Kadimastem. Moore has confirmed its oral opinion by delivering its written opinion to Kadimastem, dated December 19, 2024, which determined that, as of such date, the Exchange Ratio as reflected in the proposed Merger was fair, from a financial point of view, to Kadimastem. The full text of the valuation reports and fairness opinion of Moore dated December 19, 2024, which set forth, among other things, the assumptions made, matters considered and limits on the review undertaken, is attached as Annex E to this proxy statement/prospectus and is incorporated herein by reference. The summary of the opinion of Moore set forth in this proxy statement is qualified in its entirety by reference to the full text of such valuation reports and fairness opinion. Kadimastem’s shareholders are urged to read the valuation reports and fairness opinion in their entirety. Moore’s valuation reports and fairness opinion were addressed to Kadimastem in connection with and for the purposes of its evaluation of the proposed Merger, opined only on the Exchange 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