Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 35

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 35
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 Agreement, or the Exchange Ratio. It is anticipated that the initial Exchange Ratio is estimated to result in Kadimastem shareholders holding approximately 85% of the outstanding NLS Common Shares, subject to certain adjustments as of the closing of the Merger, or the Closing, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. The target fully diluted share split of 85%/15% is subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. Based on the cash proceeds from NLS’s financing transactions from October 2024 through March 2025 (approximately $5.7million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (for more information please see “NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financing Activities”), the parties currently estimate the fully diluted share split at the Closing will be approximately 80% to Kadimastem shareholders and 20% to NLS shareholders. The Merger has been unanimously approved by both the NLS Board and Kadimastem Board, and has further been approved by the shareholders of Kadimastem. NLS is sending these materials to its shareholders to help them decide how to vote their NLS Common Shares and Preferred Shares, as the case may be, with respect to the matters to be considered at the NLS Meeting. This proxy statement/prospectus and its annexes contain important information about the proposed Merger, Merger Agreement and other matters to be acted upon at the NLS Meeting. You should read this proxy statement/prospectus and its annexes carefully and in their entirety. This proxy statement/prospectus constitutes both a proxy statement and a prospectus of NLS. It is a proxy statement because the NLS Board is soliciting proxies from NLS’s shareholders in connection with the NLS Meeting. It is a prospectus because NLS will issue NLS Common Shares in exchange for outstanding Kadimastem Ordinary Shares in the Merger. This proxy statement/prospectus is not intended to be and is not a prospectus for purposes of Israeli Securities Law, and the ISA has not approved this proxy statement/prospectus. For a more complete description of the Merger, please see the section entitled “ The Merger Proposal (Proposal 1) — The Mer