Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 496

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 496
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 paid and nonassessable NLS Common Shares as calculated in accordance with the Exchange Ratio. It is anticipated that the initial Exchange Ratio is estimated to result in Kadimastem shareholders holding 85% of the issued and outstanding NLS Common Shares, subject to certain adjustments as of the Closing of the Merger, including as a result of estimated cash at the Measurement Date (as defined in the Merger Agreement) of NLS and Kadimastem and estimated indebtedness of NLS at the Measurement Date. The target fully diluted share split of 85%/15% is subject to adjustment pursuant to the terms of the Merger Agreement, including as a result of estimated closing cash of NLS and Kadimastem and estimated closing indebtedness of NLS. Based on the cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (for more information please see “ NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations— Financing Activities”), the parties currently estimate the fully diluted share split at the Closing will be approximately 83% to Kadimastem shareholders and 17% to NLS shareholders. The Company will provide the final Exchange Ratio no later than the morning of the NLS Meeting. For accounting purposes, Kadimastem is determined to be the accounting acquirer based upon the terms of the Merger Agreement and other factors including: (i) Kadimastem security holders are expected to own approximately 85% of the voting interests of the combined company immediately following the Closing; (ii) directors appointed by Kadimastem will constitute the majority of the board of directors of the combined company; and (iii) employees of Kadimastem will constitute the majority of the management of the combined company. The Merger is anticipated to be accounted for using the acquisition method (as a reverse triangular merger), with goodwill and other identifiable intangible assets recorded in accordance with IFRS, as applicable to be determined at the time of Merger. Kadimastem will be treated as the accounting acquirer, Kadimastem’s assets and liabilities will be recorded at their pre -combinationcarrying amounts and the historical operations that are reflected in the financial statements will be those of Kadimastem. NLS’s assets and liabilities will be measured and recognized at their fair values as of the transaction date, and with the assets and liabilities of Kadimastem along with the results of operations of Kadimastem and NLS after the consummation of