Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 82

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 82
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 ATHXQ), with a $61.0million valuation; and (vi) Sangamo Therapeutics, Inc. (NASDAQ: SGMO), with a $241.0million valuation. It also assumed that the FDA timelines and drug development process for these comparable companies presented in the forecast would be similar to the timeline for Kadimastem. Additionally, Kadimastem presented forecasts of the expected demand over the next few years for its pharmaceutical products. This included the expected prevalence of the ALS disease and diabetes across certain geographic locations and current treatments. Moore was also provided Kadimastem’s corporate presentation as of May 2024, Kadimastem’s financial reports as of December31, 2023, and Kadimastem’s pro forma report as of June30, 2024. In addition to the above, Moore has held discussions with certain members of the management of NLS and Kadimastem with respect to certain aspects of the Merger, and the past and current business operations of NLS and Kadimastem, the financial condition and future prospects and operations of the NLS and Kadimastem, and certain other matters Moore believed necessary or appropriate for its inquiry. Moore’s fairness opinion took into consideration Kadimastem’s trading price on TASE and market capitalization as of December19, 2024. On December19, 2024, the time of Moore’s execution of its final opinion, Kadimastem’s market capitalization was $22,329,905 (on a fully diluted basis according to the terms of the merger agreement) and its 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 discounted cash flow valuation model and economics review. In order to examine the fairness of the Exchange Ratio proposed in the Merger, Moore calculated the relative values of both NLS and Kadimastem, and then calculated each party’s relative part from the combined company (which was assumed to be at an aggregate value of Kadimastem and NLS). Since Kadimastem was valued at $71.1million (using Risk -AdjustedNet Present Value method) and NLS was valued at $11million to $12million (