Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 272

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 272
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 cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as of the Measurement Date. Based on various factors, including gross cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7million mostly from investors introduced to NLS by Kadimastem, which satisfy the Investment Proceeds Adjustment) (for more information please see “ NLS’s Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financing Activities”), and additional financing investments of approximately $2.5million currently reasonably expected to be raised prior to the Closing Date, the parties currently estimate that application of the Exchange Ratio formula at the Closing will result in Kadimastem shareholders collectively holding approximately 83% and NLS shareholders holding approximately 17% of the outstanding NLS Common Shares on a fully diluted basis immediately following the Closing. The Company will provide the final Exchange Ratio no later

110 than the morning of the NLS Meeting. The additional financing investments of approximately $2.5million to be raised prior to the Closing Date is not a condition to Closing; if more or less than $2.5million is raised, the Exchange Ratio will change accordingly pursuant to the terms of the Merger Agreement. The terms of, reasons for, and other aspects of the issuance of the Company’s ordinary shares as part of the Merger are described in detail in other sections in this prospectus/proxy statement. Please also see “ Preliminary Proxy Statement, Subject To Completion — Notice Of Extraordinary Meeting Of Shareholders To Be Held On August 25, 2025 — 2. Par Value Reduction, Reverse Split and Ordinary Share Capital Increase with Contribution of the Kadimastem Shares to Implement the Merger” of this proxy statement/prospectus. To approve this Proposal2, a resolution passed by a Supermajority Vote is required. You may vote “FOR,” “AGAINST” or “ABSTAIN” on Proposal 2. A failure to vote, an abstention or a broker non -vote, if any, will have the same effect as a vote “AGAINST” Proposal 2. THE NLS BOARD UNANIMOUSLY RECOMMENDS THAT YOU VOTE
“FOR” PROPOSAL 2 111 Approval of ORDINARY SHARE CAPITAL INCREASE BY ISSUING NLS PREFERRED SHARES (PROPOSAL 3) Under Swiss law, share capital may be increased through a resolution of the shareholders’ meeting (ordinary