Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 817

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 817
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 an embedded derivative of a convertible loan (Note 15) |     |           1,002 |     |            — |     | 1,002 |
| Short-term credit from shareholder                                                |     |             852 |     |            — |     |   852 |
| Total                                                                             |     |           2,385 |     |          361 |     | 2,746 |

A.In respect of a loan agreement with a bank, in the amount of USD $330 thousand (NIS 1,200 thousand) (hereinafter, the “Bank Loan”), Professor Michel Revel (hereinafter, “Prof. Revel”) has provided a guarantee without the Company paying anything in consideration (hereinafter, the “Benefit”). The Bank Loan terms are as follows: 1.The Bank Loan will bear annual interest at the rate of prime + 1.75, as determined in commercial negotiation between the Company and the bank. 2.The Company will pay monthly interest payments on the Bank Loan. When the Bank Loan was first recognized, the Company measured the fair value of the benefit it had received from Prof. Revel in his capacity as an interested party in the Company and credited it to the interested party transaction capital reserve, less the tax effect. The discount rate was determined according to the CAPM (capital asset pricing model) and the WACC (weighted average cost of capital) as of the reporting date, and was determined by the Company at a rate of approximately 21%, based on the following assumptions:

| Rate of return     |     |   21 | % |
| Variance           |     | 1.02 |   |
| Risk-free interest |     |  4.1 | % |

Since December 31, 2020, the loan has been renewed annually for an additional year, such that as of December 31, 2024, the repayment date is December 31, 2025. As of December 31, 2024, due to the change in interest rates in the economy, the interest rate on the Bank Loan is 7.75%. The Bank Loan is presented at fair value as of December 31, 2024, in the amount of USD $293 thousand.

Annex G-18

KADIMASTEM LTD.
NOTES TO FINANCIAL STATEMENTS NOTE 9: — LIABILITIES AND LOANS FROM INTERESTED PARTIES AND OTHERS (cont.) Due to updates to the aforementioned loan terms