Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 81

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 81
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 geographic location for the company, between Switzerland, Israel and the United States; •Upfront costs of merging systems, rebranding, and restructuring may be substantial; 12 •Initial financial strain from transition costs and restructuring may negatively impact short -termearnings; and •Initial upfront time demand devoted to each company becoming familiar with each other’s business. Fairness Opinions and Valuation Reports of Moore Financial Consulting (Page 135) On July31, 2024, Kadimastem retained Moore, as financial advisor to Kadimastem, in connection with the Merger. On July31, 2024, Kadimastem’s share price on the Tel Aviv Stock Exchange was approximately $1.59, with a market capitalization of approximately $11.5million. In arriving at its opinion, Moore, among other things: (i) reviewed the Merger Agreement; (ii) reviewed certain publicly available business and financial information concerning NLS and Kadimastem and the industries in which they operate; (iii) analyzed NLS and Kadimastem’s share pricing as traded on the respective stock exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by Kadimastem’s finance department, delivered to Moore through written materials including Excel sheets, and orally, in several meetings and discussion throughout the valuation process; and (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of the opinion. The forecasts were provided to Moore in August 2024. These forecasts were predicted and based on projections through comparisons to a peer group consisting of publicly -listedpharmaceutical companies similar in size, structure and specialization to Kadimastem. The peer group consisted of the following entities, which are all in the biotechnology and cell therapy industry: (i) Lineage Therapeutics, Inc. (NYSE American: LCTX), with a $140.0million valuation; (ii) Century Therapeutics, Inc. (NASDAQGS: IPSC), with a $60.0million valuation; (iii) Sana Biotechnology, Inc. (NASDAQ: SANA), with a $600.0million valuation; (iv) Eledon Pharmaceuticals, Inc. (NASDAQ: ELDN), with a $246.0million valuation; (iv) Sernova Biotherapeutics, Inc. (TSX: SVA.TO), with a $66.0million valuation; (v) Athersys, Inc. (OTC: