Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 9

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 9
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 Shares issued as Merger Consideration
(as defined in the Merger Agreement) will exceed the anticipated and agreed 85% of all issued and outstanding shares; provided further,
however, that in the event that the result of the Measurement Date Cash minus the Measurement Date indebtedness is more than $600,000,
the resulting number of Common Shares issued as Merger Consideration will be less than the target 85% of all issued and outstanding shares.
No fractional Common Shares will be issued in connection with the Merger, and no certificates or scrip for any such fractional shares
will be issued. All fractional share amounts shall be rounded down to the nearest whole based on the total number of Common Shares to
be issued to the holders of Kadimastem Ordinary Shares who would otherwise be entitled to receive a fraction of NLS Common Share. Under
the Merger Agreement, any shareholder receiving Common Shares in excess of a 9.99% beneficial ownership limitation as a result of the
Merger, shall be issued instead pre-funded warrants exercisable for a number of Common Shares equal to such Common Shares in excess of
the beneficial ownership limitation, at an exercise price equal to the par value of the Common Shares as of the Effective Time, which,
in any event, shall be no less than CHF 0.0001 per share.

The Exchange Ratio will be
determined based on a formula that is expected to result in the Initial Split, subject to the adjustments as set forth in the Merger Agreement,
including: (i) the amount of any proceeds received by the Company in connection with the sale of Common Shares to investors introduced
to the Company by Kadimastem or its representatives, in each case during the period following the Signing Date (as defined in the Merger
Agreement) up to and including the Measurement Date (as defined in the Merger Agreement) (the “Investment Proceeds Adjustment”),
(ii) the amount by which NLS’s estimate of its cash at the Measurement Date differs from the target of $600,000, subject to the
Investment Proceeds Adjustment, (iii) the amount by which NLS’s estimate of its indebtedness at the Measurement Date differs from
the target of $0, (iv) valuation of NLS based on the product of (a) the closing price per share of the Common Shares on the principal
market or exchange on which the Common Shares are traded on the Measurement Date multiplied by (b) the fully diluted Common Shares outstanding
as