Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 724

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 724
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 (NasdaqCM:NLSP) with a market value of $6.34 millionas of September 13, 2024 (NLS share price: $0.1352). Following is the NLS share price chart since January 2021 till September 2023: NLS market value as of the closing: The Company submitted F3 during November 2024 which received Effectiveness at the end of November 2024. In this F3, the shares of the transaction performed by the company in October 2024 were registered for trading. This transaction included a financing round, the conversion of vendor debt to shares, and the conversion of B&S warrants to shares. During the last 10 days, we have seen a significant amount of trade in the shares that we estimate include a lot of sales from the above -mentionedconversions and the new issuance of shares, pushing share price down by almost 50% in two weeks. For the calculation of NLS fair value we multiply the NLS’s total number of shares (3.6 mm) by the November average share price ($3.62), resulting in a fair Value of $13 mm.

| Moore Financial Consulting |

Annex E-45

At the Closing NLS is valued at $13.0 million. This value includes all NLS activities (both legacy and DOXA) in addition to its NASDAQ traded platform. As was stated in the Company’s announcement of the Transaction, the legacy research will be divested from the Company and only the DOXA platform will remain. “Following the Transaction, the parties expect to continue developing NLS’s promising, first -inclass Dual Orexin Agonist platform (“DOXA”) within the merged company. The remaining NLS assets are expected to be divested…” Based on actual reverse mergers in recent years, the value of a NASDAQ shell company is approx. $6 -8million, conservatively valued at $6 million. Following we allocate the value of each of the three parts (shell Company, Legacy research and DOXA platform) of the Company valuation:

| Valuation                |     | $ mm |   |
| NLS value                |     | 13.0 |   |
| Value of a NASDAQ shell  |     | (6.0 | ) |
| Value of Legacy and DOXA |     | 7.00 |   |

From the NLS value at closing we subtract the value of a NASDAQ shell company ($6 million) and reach