Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 320

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 320
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 the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Merger Agreement. The representations, warranties and covenants in the Merger Agreement are also modified in important part by the disclosure schedules attached thereto which are not filed publicly and which may be subject to a contractual standard of materiality different from that generally applicable to shareholders. The disclosure schedules were used for the purpose of allocating risk among the parties rather than establishing matters as facts. NLS does not believe that the disclosure schedules contain information that is material to an investment decision. Form of the Merger On November 4, 2024, NLS, entered into the Merger Agreement with Merger Sub and Kadimastem. Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein upon the consummation of the transactions contemplated by the Merger Agreement, Merger Sub will merge with and into Kadimastem, with Kadimastem continuing as the surviving corporation in the Merger and a wholly -ownedsubsidiary of NLS. In the Merger, all of the issued and outstanding Kadimastem Ordinary Shares immediately prior to the Effective Time shall no longer be outstanding and shall be exchanged for and automatically converted into the right to receive from NLS that certain number of fully paid and nonassessable NLS Common Shares as calculated in accordance with the terms of the Merger Agreement. The initial target share split resulted in Kadimastem shareholders holding approximately 85% and the Company holding approximately 15% on a fully diluted basis immediately following the closing of the Merger, or the Closing and the Initial Split. The final Exchange Ratio is subject to certain adjustments, including as a result of estimated cash of NLS and Kadimastem and estimated indebtedness of NLS, in each case as measured at the close of business on the day preceding the NLS Meeting. The Exchange Ratio and related share allocations will be recalculated pursuant to the adjustment mechanisms set forth in the Merger Agreement, and the resulting split may vary from the Initial Split based on these estimates and other specified factors. Based on various factors, including gross cash proceeds from NLS’s financing transactions from October 2024 through June 2025 (approximately $6.7 million 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