Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 80

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 80
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 valuations, and hence was found to be fair. Based on the cash balance of NLS following its most recent financing transactions 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” in this proxy statement/prospectus), the parties currently estimate the fully diluted share split at the Closing will be 80% to Kadimastem shareholders and 20% to NLS shareholders. 13 For a summary of Moore’s fairness opinion and valuation report, please see page 104. The fairness opinion was not prepared for the benefit of NLS’s shareholders and accordingly, NLS’s shareholders are not entitled to rely on the fairness opinion. Additionally, the fairness opinion does not opine on the fairness of the Exchange Ratio to NLS or NLS’s shareholders. Interests of NLS’s and Kadimastem’s Directors and Executive Officers in the Merger (Page 109) In considering the recommendation of NLS Board to vote in favor of the Merger, shareholders should be aware that, aside from their interests as shareholders, certain of NLS’s directors and executive officers have interests in the Merger that differ from, or extend beyond, those of NLS’s shareholders generally. NLS’s directors were aware of and considered these interests, among other matters, in evaluating the Merger and in recommending to shareholders that they approve the Merger. Shareholders should take these interests into account in deciding whether to approve the Merger. Certain of NLS’s directors and executive officer do not have interests in the Merger, except for the fact that: Mr.Alexander Zwyer will continue to be a director of the combined company after the Effective Time of the Merger. Mr.Eric Konofal will continue to be a part -timeofficer of the combined company after the Effective Time of the Merger. In addition, as of the Closing, NLS shall, at Kadimastem’s expense (up to a maximum of $200,000), obtain a “run -off” prepaid directors’ and officers’ liability insurance policy for the benefit of NLS’s current and former officers and directors, effective as of the Closing, with a reporting period of six (6) years after the Closing, covering events, acts and omissions occurring before the Closing Date, and with coverage and amounts, and terms and conditions that are acceptable to NLS. The premium for such policy (up to a maximum