Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 88

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 88
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 of forwarding proxy materials to beneficial owners. Q.What will happen to Kadimastem’s equity awards plans? At the Effective Time each option, restricted share unit, restricted share, warrant or other rights issued and outstanding, whether vested or unvested, to purchase Kadimastem Ordinary Shares, shall be assumed by NLS and converted into an option, warrant, other award, or right, as applicable, to purchase NLS Common Shares in accordance with the terms of the Merger Agreement. Q.What is the anticipated ownership of the combined company following the Merger? The Exchange Ratio will be determined based on a formula that is expected to result in the Initial Split, subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as of the Measurement Date. 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 to be raised prior to the Closing Date is not a condition to Closing; if more or less than $2.5million is raised, the Exchange Ratio will change accordingly pursuant to the terms of the Merger Agreement. xviii

The anticipated beneficial ownership of the combined company following the Merger is set forth below:

| Name and Address of Beneficial Owner       |     |           NLS 
 Common Shares |     |      |     | Voting 
  Power 
    (%) |
| Number(1)                                  |     |             % |     |      |     |        |
| Executive Officers and Directors           |     |               |     |      |     |        |
| Michel Revel(2)                            |     |