Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 10

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 10
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 of the Measurement Date, and (v) the valuation of the combined company based on the quotient obtained by dividing (a) the NLS Valuation
by (b) 0.15, which such valuation reflects the 15% target ratio share split. Based on various factors, including gross cash proceeds from
NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7 million 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”), and additional financing investments
of approximately $2.5 million currently reasonably expected 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 Common Shares on a fully diluted basis immediately following the Closing.
The additional financing investments of approximately $2.5 million to be raised prior to the Closing Date is not a condition to Closing;
if more or less than $2.5 million is raised, the Exchange Ratio will change accordingly pursuant to the terms of the Merger Agreement.

Pursuant to the terms of the
Merger Agreement, prior to or at the Closing, NLS shall designate its transfer agent, or a depository, bank or trust company reasonably
acceptable to NLS to act as the exchange agent in connection with the Merger (the “Exchange Agent”), and enter into an exchange
agreement, in a form reasonably acceptable to NLS, for the payment of the Merger Consideration. Prior to or substantially concurrently
with the Effective Time, NLS shall deposit or cause to be deposited with the Exchange Agent, for the benefit of the holders of Kadimastem
Ordinary Shares (excluding certain Kadimastem Ordinary Shares as set forth in the Merger Agreement in respect of which Common Shares shall
be issued directly to the trustee appointed by Kadimastem) for exchange in accordance with the terms and conditions of the Merger Agreement
through the Exchange Agent, the full number of Common Shares, which shall be in uncertificated book-entry form, issuable as Merger Consideration.
A full description of the exchange procedures with respect to the Kadimastem Ordinary Shares, including as such procedures relate to Kadimastem
Ordinary Shares