Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 310

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 310
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 of the Kadimastem board of directors to approve the Merger Agreement and the transactions contemplated thereby was made after considering the totality of the information presented and the overall expected benefits of the Merger. In addition to the above factors, the Kadimastem Board also considered several negative factors, including: •Potential issues with synergy, which need to implement and make changes in the R&D team; •Issues relating to culture -baseddifferences between the leadership of NLS and Kadimastem; •Interaction of several geographic location for the company, between Switzerland, Israel and the United States; •Upfront costs of merging systems, rebranding, and restructuring may be substantial; •Initial financial strain from transition costs and restructuring may negatively impact short -termearnings; and •Initial upfront time demand devoted to each company becoming familiar with each other’s business. Fairness Opinions and Valuation Reports of Moore Financial Consulting On July31, 2024, Kadimastem retained Moore, as financial advisor to Kadimastem, in connection with the Merger. On July31, 2024, Kadimastem’s share price on the Tel Aviv Stock Exchange was approximately $1.59, with a market capitalization of approximately $11.5million. Over the past few years, Kadimastem has been working with several valuation firms, including Moore. Moore was selected due to its global presence, and in particular, its presence in and familiarity with the markets and professional customs in Israel, Europe and the United States. Further, Kadimastem selected Moore because of its strong reputation in the field and recommendations from other similar companies. Moore’s staff have several years of experience in economic and financial consulting to some of the prestigious businesses in Israel, acting in management positions in leading Israeli consulting firms. Kadimastem had no material relationship or affiliation with Moore over the past two years. 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. On November 5, 2024, Moore rendered its oral opinion to the Chairman of the Kadimastem Board, the Kadimastem Chief Executive Officer and the Kadimastem Chief Scientific Officer, subsequently confirmed by delivery to Kadimastem written valuation reports and a fairness opinion dated December 19, 2024, that,