Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 459

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 459
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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 approximately 80% to Kadimastem shareholders and 20% to NLS shareholders. For accounting purposes, Kadimastem is determined to be the accounting acquirer based upon the terms of the Merger Agreement and other factors including: (i) Kadimastem security holders are expected to own approximately 85% of the voting interests of the combined company immediately following the Closing; (ii) directors appointed by Kadimastem will constitute the majority of the board of directors of the combined company; and (iii) employees of Kadimastem will constitute the majority of the management of the combined company. The Merger is anticipated to be accounted for using the acquisition method (as a reverse triangular merger), with goodwill and other identifiable intangible assets recorded in accordance with IFRS, as applicable to be determined at the time of Merger. Kadimastem will be treated as the accounting acquirer, Kadimastem’s assets and liabilities will be recorded at their pre -combinationcarrying amounts and the historical operations that are reflected in the financial statements will be those of Kadimastem. NLS’s assets and liabilities will be measured and recognized at their fair values as of the transaction date, and with the assets and liabilities of Kadimastem along with the results of operations of Kadimastem and NLS after the consummation of the Merger. The unaudited pro forma condensed combined financial statements were prepared using the acquisition method of accounting, whereby the assets acquired and liabilities assumed are recognized based upon their estimated fair values at the acquisition date. The unaudited pro forma combined balance sheet as of December 31, 2024, assumes that the Merger took place on December 31, 2024 and the unaudited pro forma combined statement of operations for the twelve months ended December 31, 2024, assumes the merger took place on January 1, 2024. The unaudited pro forma condensed combined financial statements, including the notes thereto, should be read in conjunction with the separate Kadimastem and NLS historical financial statements, and their respective management’s discussion and analysis of financial condition and results of operations. Kadimastem’s historical audited financial statements for the twelve months ended December 31, 2024 and NLS’s historical audited