Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 434

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 434
---
844 Kadimastem Ordinary Shares. In the years 2021 to 2024, Kadimastem received grants from the Bird Foundation, the Israel Innovation Authority and the Australian Innovation Authority totaling $2.65million. 247 Net cash provided by financing activities for the year ended December31, 2024, amounted to $89,270, representing a decrease of $2,311,803 compared to $2,401,073 for the year ended December31, 2023. This increase was primarily due to capital raised by Kadimastem and proceeds from a convertible loan during the year ended December31, 2023. Net cash provided by financing activities for the year ended December31, 2023, amounted to $2,328,073, representing an increase of $1,218,993, (109%), compared to $1,109,080 for the year ended December31, 2022. This increase was primarily due to capital raised by Kadimastem and proceeds from a convertible loan during the reporting period. During the twelve months ended December 2023, the cash flow from financing activities included the receipt of a convertible loan from its shareholders, Alpha and Mr.Julien Ruggieri, totaling $1.7million, of which $1.25million was received on December21, 2023, and $450,000 was received on April20, 2024. The material terms of the convertible loan agreement are summarized in Note 15.A. of the Kadimastem Financial Statements dated as of December31, 2024 included elsewhere in this proxy statement/prospectus. Financing Developments Recent Developments (January1, 2025 to the date of this proxy statement/prospectus): On April14, 2025, Kadimastem announced that, Mr.Julien Ruggieri, a significant shareholder of Kadimastem, provided Kadimastem with a written notice of his decision to convert $500,000 principal balance of the convertible loan granted by him to Kadimastem, excluding accrued interest of $60,479, into 279,952 Kadimastem Ordinary Shares and 349,940 non -listedwarrants, exercisable into 349,940 Kadimastem Ordinary Shares (the “Ruggieri Warrants”). The conversion was carried out in accordance with the terms of the convertible loan agreement dated October16, 2023. In May 2025, as a result of the accrued interest amount