Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 469

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 469
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 an increase of $1,218,993, (109%), compared to $1,109,080 for the year ended December31, 2022. This increase was primarily due to capital raised by Kadimastem and proceeds from a convertible loan during the reporting period. During the twelve months ended December 2023, the cash flow from financing activities included the receipt of a convertible loan from its shareholders, Alpha and Mr.Julien Ruggieri, totaling $1.7million, of which $1.25million was received on December21, 2023, and $450,000 was received on April20, 2024. The material terms of the convertible loan agreement are summarized in Note 15.A. of the Kadimastem Financial Statements dated as of December31, 2024 included elsewhere in this proxy statement/prospectus. Financing Developments Recent Developments (January1, 2025 to the date of this proxy statement/prospectus): On April14, 2025, Kadimastem announced that, Mr.Julien Ruggieri, a significant shareholder of Kadimastem, provided Kadimastem with a written notice of his decision to convert $500,000 principal balance of the convertible loan granted by him to Kadimastem, excluding accrued interest of $60,479, into 279,952 Kadimastem Ordinary Shares and 349,940 non -listedwarrants, exercisable into 349,940 Kadimastem Ordinary Shares (the “Ruggieri Warrants”). The conversion was carried out in accordance with the terms of the convertible loan agreement dated October16, 2023. In May 2025, as a result of the accrued interest amounting $60,479 (approximately NIS 222,867), Kadimastem issued to Mr.Ruggieri 36,233 Kadimastem Ordinary Shares and 9,960 non -listedRuggieri Warrants, exercisable into 9,960 Kadimastem Ordinary Shares. The Ruggieri Warrants shall have an exercise price equal to 110% of the conversion price NIS 6.77 ($1.84 per warrant) and shall be exercisable for a period of 42months from the date of issuance. On April23, 2025, Kadimastem announced that on April22, 2025, Kadimastem’s audit committee and Board of Directors approved Kadimastem’s entry into a loan agreement,