Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 96

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 96
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 Shares on a fully diluted basis immediately following the Closing. The additional financing investments of approximately $2.5million to be raised prior to the Closing Date is not a condition to Closing; if more or less than $2.5million is raised, the Exchange Ratio will change accordingly pursuant to the terms of the Merger Agreement. 2 For example, if (i) the Merger was consummated as of July9, 2025 (other than current liabilities of the previous month), (ii) the amount of proceeds received by NLS in connection with the sale of NLS Common Shares to investors introduced to NLS by Kadimastem or its representatives equaled $6,500,000, (iii) the amount of NLS’s estimate of its cash at the Closing equaled $5,000,000, inclusive of the Investment Proceeds Adjustment and additional financing investments at an amount of approximately $2.5million to be raised prior to the Closing Date, and (iv) the amount of NLS’s estimate of its indebtedness at the Closing equaled $950,000, each Kadimastem Ordinary Share (on a fully diluted basis) would have been entitled to receive approximately 7 NLS Common Shares on a fully diluted basis. NLS will provide the final Exchange Ratio and Merger Consideration at the NLS Meeting. For purposes of the Merger, Moore Financial Consulting, or Moore, as of December19, 2024, valued Kadimastem at $71.1million (using Risk -AdjustedNet Present Value method) and valued NLS at $11million to $12million (Using Market Value approach). The combined company was assumed to be at an aggregate value of $82.1million to $83.1million. On the date immediately prior to the public announcement of the Merger, July26, 2024, NLS’s closing price per NLS Common Share on the Nasdaq was $7.60, with a market capitalization of $25,203,492, and Kadimastem’s price per Kadimastem Ordinary Share on the TASE was $1.47, with a market capitalization of $6,661,646. On December19, 2024, the time of the determinations of the values for each company, 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