Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 310

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 310
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 its global presence, and in particular, its presence in and familiarity with the markets and professional customs in Israel, Europe and the United States. Further, Kadimastem selected Moore because of its strong reputation in the field and recommendations from other similar companies. Moore’s staff have several years of experience in economic and financial consulting to some of the prestigious businesses in Israel, acting in management positions in leading Israeli consulting firms. Kadimastem had no material relationship or affiliation with Moore over the past two years. The fairness opinion was not prepared for the benefit of NLS’s shareholders and accordingly, NLS’s shareholders are not entitled to rely on the fairness opinion. Additionally, the fairness opinion does not opine on the fairness of the Exchange Ratio to NLS or NLS’s shareholders. On November 5, 2024, Moore rendered its oral opinion to the Chairman of the Kadimastem Board, the Kadimastem Chief Executive Officer and the Kadimastem Chief Scientific Officer, subsequently confirmed by delivery to Kadimastem written valuation reports and a fairness opinion dated December 19, 2024, that, as of such date, and based upon and subject to the various assumptions qualifications, limitations and other matters described in its written opinion, the Exchange Ratio in the proposed Merger (which was proposed by the parties to the Merger, not Moore) is fair to Kadimastem, from a financial point of view. The full text of Moore’s valuation reports and the written fairness opinion, dated December 19, 2024, which sets forth, among other things, the assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Moore in preparing its opinion, is attached to this proxy statement/prospectus as Annex E and is incorporated herein by reference. The summary of Moore’s valuation reports and fairness opinion contained in this proxy statement/prospectus is qualified in its entirety by reference to the full text of the valuation reports and fairness opinion. Kadimastem’ shareholders are urged to read the reports and the opinion in its entirety. Moore provided financial advisory services and its opinion for the information and assistance of the Kadimastem Board (for its members’ capacity as directors and not in any other capacity) in connection with and for purposes of their consideration 138 of the proposed Merger. Moore did not express any opinion as to the fairness of the Exchange Ratio in the Merger to the holders of any class of securities, creditors or other constituencies of Kadimastem or