Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 771

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 771
---
 the new issuance of shares, pushing share price down by almost 50% in two weeks. For the calculation of NLS fair value we multiply the NLS’s total number of shares (3.6 mm) by the November average share price ($3.62), resulting in a fair Value of $13 mm.

| Moore Financial Consulting |

Annex E-45

At the Closing NLS is valued at $13.0 million. This value includes all NLS activities (both legacy and DOXA) in addition to its NASDAQ traded platform. As was stated in the Company’s announcement of the Transaction, the legacy research will be divested from the Company and only the DOXA platform will remain. “Following the Transaction, the parties expect to continue developing NLS’s promising, first -inclass Dual Orexin Agonist platform (“DOXA”) within the merged company. The remaining NLS assets are expected to be divested…” Based on actual reverse mergers in recent years, the value of a NASDAQ shell company is approx. $6 -8million, conservatively valued at $6 million. Following we allocate the value of each of the three parts (shell Company, Legacy research and DOXA platform) of the Company valuation:

| Valuation                |     | $ mm |   |
| NLS value                |     | 13.0 |   |
| Value of a NASDAQ shell  |     | (6.0 | ) |
| Value of Legacy and DOXA |     | 7.00 |   |

From the NLS value at closing we subtract the value of a NASDAQ shell company ($6 million) and reach a value of $7.0 million for both the legacy research and DOXA platform. As the transaction includes only the DOXA platform and the legacy platform will be divested, the value of the Company for the Transaction should be the shell company value together with the DOXA platform value. Due to its immaturity as early -stagetechnologies, indication of the values of the DOXA platform and legacy research are very volatile. We do know that more funds were invested in legacy research than on the DOXA platform. Therefore, we assume the DOXA platform value to be in the range of $2 -3million. As of Closing Date, the company has a cash balance of $4 million, significantly higher than measured NASDAQ shell companies’ cash balance, of about $1 million in average. Therefore, the value of the Company at closing is as follows