Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 348

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 348
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 DOXA platform), and the net proceeds of any such disposition, after deducting certain costs, fees, and expenses as set forth in a contingent value agreement (the “CVR Agreement”), will be distributed to NLS’s shareholders and warrantholders, subject to the terms of the Merger Agreement and the CVR Agreement. At the Closing, pursuant to the terms of the Merger Agreement, NLS will issue NLS Common Shares to Kadimastem’s shareholders based on an initial target fully diluted share split, post transaction, of 85% to Kadimastem shareholders and 15% to NLS shareholders, in exchange for 100% of Kadimastem’s issued and outstanding shares. 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 balance of NLS following its most recent financings from October 2024 and December 2024 (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 80% to Kadimastem shareholders and 20% to NLS shareholders. The boards of directors of Kadimastem and NLS have unanimously approved this transaction and expected to close in the second quarter of 2025, pending approval of each of NLS’s and Kadimastem’s shareholders, as well as other customary closing conditions, including Nasdaq approval. The most recent financial information available for NLS for the six months ended June 30, 2024, and twelve months ended December 31, 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The most recent financial information available for Kadimastem Ltd. for the six months ended June 30, 2024, and twelve months ended December 31, 2023, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The