Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 502

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 502
---
 Share Reconciliation The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the outstanding NLS Common Shares and NLS Common Shares underlying NLS Preferred Shares pursuant to which Kadimastem agreed to convert its share capital in exchange for the right to receive a number of validly issued, fully paid and nonassessable NLS Common Shares, equal to the Exchange Ratio (as defined in the Merger Agreement), per each such Kadimastem Ordinary Share, assuming the Merger and related transactions occurred on January1, 2023. An analysis of the number of outstanding NLS Common Shares post -Merger is as follows assuming an Exchange Ratio of 6.3149 shares of NLS for 1 share of Kadimastem Ordinary Shares:

| NLS Shares December 31, 2024 weighted average shares outstanding                                             |     |  1,543,283 |
| NLS Common Shares post-Merger:                                                                               |     |            |
| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares*   |     |  6,015,056 |
| NLS Common Shares issued to Kadimastem shareholders including convertible loans, RSUs and options            |     | 46,032,286 |
| Total NLS Common Shares and NLS Common Shares underlying outstanding Preferred Shares outstanding at Closing |     | 52,047,342 |
| NLS Common Shares underlying warrants and options                                                            |     |  3,413,243 |
| Total NLS Common Shares outstanding as of Closing – Diluted                                                  |     | 55,460,585 |

____________ *Represents NLS’s outstanding shares as of July 9, 2025. 4.Reverse Stock Split The Company also filed a notice of a reverse split with the commercial registry of the Canton of Zurich, Switzerland, on September 18, 2024. The reverse split became effective in Switzerland on September 18, 2024. The reverse stock split was at a ratio of 1 -for-40.

274

5.Estimated Purchase Price Consideration On November4, 2024, NLS, Kadimastem and Merger Sub entered into the Merger Agreement, pursuant to which, Merger Sub will merge with and into Kadimastem, with Kadimastem surviving as a wholly -ownedsubsidiary of NLS. Pursuant to the Merger