Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 96

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 96
---
 consolidated basis will be approximately $6.5million, including financing investments of approximately $2.5million to be raised prior to the Closing Date, with a combined amount of debt equal to approximately $1.5million. NLS performed a debt to equity conversion on October15, 2024 and is free of past liabilities, except for current working capital needs. NLS estimates that as of the Closing it will have sufficient funds to commence Kadimastem’s Phase IIa trial for ALS. The Merger Agreement further provides that, upon the terms and subject to the conditions thereof, following the Closing, NLS shall work diligently to dispose of any Legacy Assets, which excludes the DOXA platform. The DOXA platform includes AEX -041. It is important to note that AEX -041is currently in the preclinical stage of development. This means that the candidate is undergoing early laboratory studies to evaluate its safety profile and pharmacological properties, and it has not yet been tested in human clinical trials. Consequently, its efficacy, concept, and potential for regulatory approval remain subject to further research and development. It is expected that the proceeds from any such disposition will be distributed to the holders of NLS Common Stock (as defined in the CVR Agreement), the holders Preferred Shares (as defined in the CVR Agreement), the holders Preferred Certificates (as defined in the CVR Agreement), and the holders of warrants and pre -fundedwarrants of the Company, in each as of immediately prior to the Effective Time, or such holders collectively, the CVR Recipients, pursuant to the terms and conditions of the CVR Agreement, subject to the adjustments set forth therein. Merger Consideration (Page 126 and 144) Pursuant to the terms of the Merger Agreement, each Kadimastem Ordinary Share will be exchanged for and converted into the right to receive a number of newly issued, fully paid and nonassessable NLS Common Shares equal to the Exchange Ratio, subject to certain adjustments as of the Closing, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as of the Measurement Date. The Exchange Ratio is subject to adjustment as set forth in the Merger Agreement, including, among other things, in the event of the failure of NLS or Kadimastem to satisfy certain conditions; provided, however, that in the event that the Measurement Date Indebtedness (as defined in the Merger Agreement) is greater