Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 358

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 358
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% to NLS shareholders. The boards of directors of Kadimastem and NLS have unanimously approved this transaction and expected to close in the second quarter of 2025, pending approval of each of NLS’s and Kadimastem’s shareholders, as well as other customary closing conditions, including Nasdaq approval. The most recent financial information available for NLS for the six months ended June 30, 2024, and twelve months ended December 31, 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The most recent financial information available for Kadimastem Ltd. for the six months ended June 30, 2024, and twelve months ended December 31, 2023, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The unaudited pro forma condensed combined financial statements were prepared in accordance with regulations of the Securities and Exchange Commission and with IFRS, as issued by the International Accounting Standards Board. The unaudited pro forma condensed combined financial statements combines the historical balance sheet and statement of operations for NLS and Kadimastem in order to show how the Merger might affect the historical financial statements if the transaction had been completed on June30, 2024 for the purposes of the balance sheets ended June 30, 2024 and January1, 2023 for purposes of the statement of operations for the six months ended June 30, 2024 and twelve months ended December 31, 2023. The pro forma condensed combined financial information was prepared in accordance with Article 11 of Regulation S -Xunder Securities Act of 1933, as amended. Upon completion of the Business Combination, management will conduct a comprehensive review of both entities’ accounting policies. Based on NLS’s initial analysis, currently, adjustments for the acceleration of the stock compensation expense were identified in Note (M) and reflected in the unaudited pro forma condensed combined financial information. 197 For accounting purposes, the merger is expected to be treated as a reverse triangular merger pursuant to IFRS 3 Business Combinations such that NLS has been identified as the legal acquirer