Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 280

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 280
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listedpharmaceutical companies similar in size, structure and specialization to Kadimastem. It also assumed that the FDA timelines and drug development process for these comparable companies presented in the forecast would be similar to the timeline for Kadimastem. Additionally, Kadimastem presented forecasts of the expected demand over the next few years for its pharmaceutical products. This included the expected prevalence of the ALS disease and diabetes across certain geographic locations and the current market for treatments. Moore was also provided Kadimastem’s corporate presentation as of May 2024, Kadimastem’s financial reports as of December31, 2023 and Kadimastem’s pro forma report as of June30, 2024. Moore is not legal, regulatory or tax experts and has relied on the assessments made by advisors to the Companies with respect to such issues. Moore has further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the Merger will be obtained without any adverse effect on the Companies or on the contemplated benefits of the Merger. Moore’s opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to it as of December 19, 2024. It should be understood that subsequent developments may affect Moore’s valuation reports and/or fairness opinion, and that Moore does not have any obligation to update, revise, or reaffirm its valuation reports or fairness opinion. Moore’s opinion is limited to the fairness, from a financial point of view, of the Exchange Ratio in the proposed transaction. The terms of the Merger Agreement, including the Exchange Ratio, were determined through arm’s length negotiations between Kadimastem and NLS, and the decision to enter into the Merger Agreement was solely that of the Kadimastem Board. Moore’s valuation reports and fairness opinion were only one of the many factors considered by the Kadimastem Board in its evaluation of the proposed Merger and should not be viewed as determinative of the views of the Kadimastem Board or management with respect to the proposed Merger or the Exchange Ratio. The full text of the valuation reports and fairness opinion of Moore dated December19, 2024, which set forth, among other things, the assumptions made, forecasts presented, matters considered and limitations on the review undertaken, is attached as Annex E to this proxy statement/prospectus. Valuation of Kadimastem Through Income Approach Using rNPV Analysis In accordance with customary practice, Moore employed generally accepted