Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 301

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 301
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. Specifically, the companies reviewed included publicly traded clinical -stagebiotechnology companies operating in similar therapeutic areas (neurology and regenerative medicine), with comparable development -stageassets, market capitalization ranges, and technology platforms. These included: Silo Pharma, Inc. (Nasdaq: SILO), Brainstorm Cell Therapeutics Inc. (Nasdaq: BCLI), Lineage Cell Therapeutics, Inc. (NYSE American: LCTX), ReNeuron Group plc (LSE: RENE), BioRestorative Therapies, Inc. (Nasdaq: BRTX) and Paladin Labs Inc. (for historical context and precedent transactions). These companies were used for high -levelbenchmarking of valuation multipliers, development timelines, and market perception of similar therapeutic platforms. The review process contributed to the valuation discussions and negotiation of the Exchange Ratio formula and ownership structure. The Initial Split and initial Exchange Ratio formula were subsequently finalized through negotiations between the parties, informed by updated valuation assessments, input from financial advisors including HCW, and mutual agreement on the relative contributions and future prospects of each company. The final Exchange Ratio reflects a 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 Kadim