Company: NCEL
Filing Date: 2025-10-17
Form Type: POS AM
Source: 0001213900-25-099986
Chunk: 46

Company: NewcelX Ltd.
Filing Date: 2025-10-17
Form: POS AM
Chunk 46
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 not expected to be deductible for tax purposes. Given the preliminary nature of the purchase price allocation, the final allocation at closing may be adjusted. Any remaining consideration not assigned to identifiable net assets — including IPR&D — will be recognized as goodwill in accordance with IFRS 3, Business Combinations (paragraphs 32 – 34). For purposes of this pro forma presentation, NLS has aggregated indefinite -lived intangible assets, and goodwill as distinguishing between them does not impact the current presentation. 3. Earnings Per Share and Common Share Reconciliation The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statement of operations are based upon the number of the outstanding NLS Common Shares and NLS Common Shares underlying NLS Preferred Shares and Preferred Participation Certificates pursuant to which Kadimastem agreed to convert its share capital in exchange for the right to receive a number of validly issued, fully paid and nonassessable NLS Common Shares, equal to the Exchange Ratio, per each such Kadimastem Ordinary Share, assuming the Merger and related transactions occurred on January 1, 2024. An analysis of the number of outstanding NLS Common Shares post -Merger is as follows assuming an Exchange Ratio of 6.9117 shares of NLS for 1 share of Kadimastem Ordinary Shares:

| NLS Common Shares June 30, 2025, weighted average shares outstanding                                                                                  |     |  4,004,867 |
| NLS Common Shares post-Merger:                                                                                                                        |     |            |
| Estimated outstanding NLS Common Shares and NLS Common Shares underlying outstanding NLS Preferred Shares*                                            |     |  6,115,056 |
| NLS Common Shares issued to Kadimastem shareholders including convertible loans, restricted share units, or restricted share units, and options       |     | 50,423,799 |
| Total NLS Common Shares and NLS Common Shares underlying outstanding Preferred Shares and Preferred Participation Certificates outstanding at Closing |     | 56,538,856 |
| NLS Common Shares underlying warrants and options                                                                                                     |     |  3,205,330 |
| Total NLS Common Shares outstanding as of Closing – Diluted                                                                                           |     | 59,744,186 |

____________ *Represents NLS’s outstanding shares as of October 3, 2025.

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4. Reverse Stock Split NLS filed a notice of a reverse split with the