Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 322

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 322
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 the Merger and a wholly -ownedsubsidiary of NLS. The Merger will occur in the following order: (i) at the Effective Time, Kadimastem will be a wholly owned subsidiary of Merger Sub, and (ii) following the Effective Time, Kadimastem and Merger Sub will be combined in a statutory consolidation where Merger Sub will merge with and into Kadimastem, with Kadimastem continuing as the surviving corporation in the Merger and a wholly -ownedsubsidiary of NLS. In the Merger, all of the issued and outstanding Kadimastem Ordinary Shares immediately prior to the Effective Time shall no longer be outstanding and shall be exchanged for and automatically converted into the right to receive from NLS that certain number of fully paid and nonassessable NLS Common Shares as calculated in accordance with the terms of the Merger Agreement. The initial target share split resulted in Kadimastem shareholders holding approximately 85% and the Company holding approximately 15% on a fully diluted basis immediately following the closing of the Merger, or the Closing and the Initial Split. The final Exchange Ratio is subject to certain adjustments, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as measured at the close of business on the day preceding the NLS Meeting. The Exchange Ratio and related share allocations will be recalculated pursuant to the adjustment mechanisms set forth in the Merger Agreement, and the resulting split may vary from the Initial Split based on these estimates and other specified factors. Based on various factors, including gross cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (for more information please see “ NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financing Activities”), and additional financing investments of approximately $2.5million currently reasonably expected to be raised prior to the Closing Date, the parties currently estimate that application of the Exchange Ratio formula at the Closing will result in Kadimastem shareholders collectively holding approximately 83% and NLS shareholders holding approximately 17% of the outstanding NLS Common Shares on a fully diluted basis immediately following the Closing. The Company will provide the final Exchange Ratio no later than the morning of the NLS Meeting. The additional financing investments of approximately $2.5million