Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 436

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 436
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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, on beneficial terms, with Prof. Michel Revel, Kadimastem’s Chief Scientific Officer, who is also a significant shareholder and a director of Kadimastem, or the Loan Agreement, in accordance with the terms as follows: 1.Upon approval by the Kadimastem Board, Prof. Revel shall provide Kadimastem with a loan in the amount of NIS 1million ($269 thousand). The loan bears no interest and is not linked to any index and unsecured. 2.The loan shall remain in effect for a period of one year, which shall automatically renew for consecutive 12 -monthperiods, unless the parties agree to an earlier repayment in writing, at least 30 days prior to the end of the applicable term. 3.Subject to the approval of Kadimastem’s general meeting of shareholders, the loan shall be converted into Kadimastem Ordinary Shares, at the earlier of: (i) a date close to the Closing Date, if and when completed, at the market price as that time (calculated as the average share price of the 14 trading days prior to the conversion date); or (ii) alternatively, if Kadimastem conducts an equity financing round in proximity to the completion of the Merger, any other equity financing. Critical Account Estimates The valuation of financial instruments, including the convertible loan components and options, depends on assumptions such as market volatility, interest rates,