Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 501

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 501
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 of the transactions contemplated thereby have been approved by the boards of directors of NLS and Kadimastem, and Kadimastem’s shareholders. The NLS Board has resolved, subject to customary exceptions, to recommend that the shareholders of NLS approve the Merger Agreement and the transactions contemplated therein. The parties expect the Merger to close in the third quarter of 2025, pending approval of NLS’s shareholders, as well as other customary closing conditions, including Nasdaq approval. The most recent financial information available for NLS for the twelve months December31, 2024, 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 twelve months December31, 2024, 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 December31, 2024 for the purposes of the balance sheets ended December31, 2024 and January1, 2024 for purposes of the statement of operations for the twelve months ended December31, 2024. The pro forma condensed combined financial information was prepared in accordance with Article 11 of Regulation S -Xunder Securities Act of 1933, as amended. 272 Upon completion of the Merger, 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. 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 as it intends to issue