Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 68

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 68
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 as Merger Consideration will be less than the target 85% of all issued and outstanding shares. For a more complete description of what the holders of Kadimastem Ordinary Shares will receive in the Merger, please see the section entitled “ The Merger Agreement — Merger Consideration” in this proxy statement/prospectus. Q.What are the respective valuations attributed to NLS and Kadimastem in the Merger? For purposes of the Merger, as of December19, 2024, Kadimastem has been valued at $71.1million (using Risk -AdjustedNet Present Value method) and NLS has been valued between $11million and $12million (Using Market Value approach). The combined company was assumed to be at an aggregate value of $82.1million to $83.1million. On the date immediately prior to the public announcement of the Merger, July26, 2024, the closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary Share on the TASE was $1.47, with a market capitalization of $6,661,646. On December19, 2024, the date of the determinations of the values for each company by Moore, Kadimastem’s market capitalization was $22,329,905 and its closing price per share was $3.161, each as calculated and converted from NIS to dollars based on a conversion rate of 3.645 NIS to 1 dollar on such day. On December19, 2024, NLS’s closing price per NLS Common Share on the Nasdaq was $2.38, with a market capitalization of $4.35million. For more information, please see the section entitled “ Fairness Opinions and Valuation Reports of Moore Financial Consulting” in this proxy statement/prospectus. vi

Q.What is the anticipated business of the combined company? The Merger Agreement provides that, upon the terms and subject to the conditions thereof, following the Closing, NLS shall work diligently to dispose of any intellectual property, assets, rights, contracts, agreements, leases, arrangements (regardless of form), approvals, licenses, permits, whether current or future, whether or not contingent, of NLS and its subsidiaries related solely to any product candidate of NLS and its subsidiaries, other than