Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 308

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 308
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 employee retention. •Risks •Loss of Corporate Identity: If one company’s culture dominates, employees of the other company may feel marginalized. •Employee Resistance: Resistance to change may lead to decreased productivity and engagement. •Leadership Clashes: Differences in leadership style and decision -makingprocesses could create friction at the executive level. Access to Resources •Advantages •Capital and Financing: Greater financial resources facilitate investment in growth areas. •Intellectual Property (IP): Combining IP assets strengthens competitive positioning. •Talent Pool: Retaining top talent enhances operational capabilities. •Risks •Overestimated Resource Availability: Anticipated capital, talent retention, or IP benefits may not fully materialize. •Debt Accumulation: If the Merger involves significant debt financing, it could strain financial stability. •Regulatory Barriers: Accessing new markets or intellectual property may require additional compliance efforts. The NLS Board and its legal advisors conducted a comprehensive review of strategic alternatives, including remaining a standalone company, liquidation, dissolution, and other strategic transactions. After thorough consideration, the NLS Board determined that the Merger provided greater value to NLS’s shareholders than any other alternatives. Following arm’s -lengthnegotiations, the NLS Board believes the Merger Agreement’s terms, including the Exchange Ratio formula, are the most favorable achievable under the circumstances. In evaluating and approving the Merger Agreement and the transactions contemplated thereby, the NLS Board considered a variety of factors, including the potential benefits and risks associated with the Merger. The NLS Board did not assign relative or specific weights to the individual factors considered, and no single factor was determinative or outweighed any other factors in its decision. The decision of the NLS Board to approve the Merger Agreement and the transactions contemplated thereby was made after considering the totality of the information presented and the overall expected benefits of the Merger. 136 Kadimastem Board of Directors’ Reasons for the Merger In evaluating the Merger Agreement and the transactions it contemplates, the Kadimastem Board convened multiple meetings, engaged executive officers, legal counsel, and financial advisors, and analyzed significant information. The Kadimastem Board considered various factors that supported its decision to approve the Merger Agreement, including: Fairness and Valuation Reports •Fairness to Shareholders: Kadimastem’s fairness opinion concluded that the Exchange Ratio in the proposed Merger was fair, from a financial point of view, to Kadimastem. Strategic Synergies •Com