Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 317

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 317
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 capitalization of $6,661,646. At the time of rendering its opinion, Moore considered Kadimastem’s trading price on the TASE and market capitalization. On December19, 2024, the time of Moore’s execution of its final opinion, Kadimastem’s market capitalization was $22,329,905 and its closing price per share was $3.161, each as calculated and converted from NIS to dollars based on a conversion rate of 3.645 NIS to 1 dollar on such day. However, due to reduced market liquidity on the TASE over the past twelve months (as a result of the war in the Middle East), Moore prepared its valuation of Kadimastem based on a DCF Analysis model. 141 Valuation of NLS Moore based NLS’s valuation on NLS’s publicly available financial statements and its market capitalization and trading price on the Nasdaq. For the calculation of NLS’s fair value, Moore multiplied NLS’s total number of shares (3.6million) by the November average share price ($3.62), resulting in a fair value of $13.0million, which included both NLS’s legacy research and DOXA business. Moore then subtracted the estimated value of the Nasdaq shell (which was estimated at $6million, compared to other Nasdaq shell company valuations conducted during recent years), resulting in a valuation of NLS’s legacy and DOXA businesses equal to $7million. Moore then estimated the value of the DOXA business at $2 - $3million (as NLS’s legacy business is expected to be divested following the Merger). NLS also has a cash balance of $4million, significantly higher than measured Nasdaq shell companies’ cash balance, of about $1million in average. As a result, between the (i) conservative valuation of the NLS Nasdaq public shell ($6million), (ii) the value of NLS’s DOXA business (between $2- $3million) and (iii) an excess cash balance of $3million at the closing of the Merger, Moore determined that for the Merger, NLS’s valuation is within the range of $11.0million to $12.0million. Determination of Fairness of Exchange Ratio In order to examine the fairness of the Exchange Ratio proposed in the Merger, Moore calculated the relative values of both companies, and then calculated each party’s relative part from the combined company (