Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 321

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 321
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”), and additional financing investments of approximately $2.5million to be raised prior to the Closing Date, the parties currently estimate that application of the Exchange Ratio formula at the Closing will result in Kadimastem shareholders collectively holding approximately 83% and NLS shareholders holding approximately 17% of the outstanding NLS Common Shares on a fully diluted basis immediately following the Closing. The Company will provide the final Exchange Ratio no later than the morning of the NLS Meeting. Merger Consideration Pursuant to the terms of the Merger Agreement, each Kadimastem Ordinary Share will be exchanged for and converted into the NLS Common Shares constituting the Merger Consideration, without interest; provided, however, notwithstanding anything to the contrary contained in the Merger Agreement, in the event that the Measurement Date Indebtedness is greater than $0 and/or the Measurement Date Cash is less than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further, however, that in the event that the result of the Measurement Date Cash minus the Measurement Date Indebtedness is more than $600,000, the resulting number of NLS Common Shares issued as Merger Consideration will be less than the target 85% of all issued and outstanding shares. No fractional NLS Common Shares will be issued in connection with the Merger, and no certificates or scrip for any such fractional shares will be issued. All fractional share amounts shall be rounded down to the nearest whole based on the total number of NLS Common Shares to be issued to the holders of Kadimastem Ordinary Shares who would otherwise be entitled to receive a fraction of NLS Common Share. Under the Merger Agreement, any shareholder receiving NLS 144 Common Shares in excess of a 9.99% beneficial ownership limitation as a result of the Merger, shall be issued instead pre -fundedwarrants exercisable for a number of NLS Common Shares equal to such NLS Common Shares in excess of the beneficial ownership limitation, at an exercise price equal to the par value of the NLS Common Shares as of the Effective Time, which, in any event, shall be no less than CHF 0.0001 per share. The Exchange Ratio will be determined based on a formula that is expected to result in the Initial Split, subject to the adjustments as set forth in the Merger Agreement, including: (i) the Investment Proceed