NLS Pharmaceutics and Kadimastem Complete Merger Predecessors
ZURICH and NESS ZIONA, Israel – NLS Pharmaceutics Ltd. (NASDAQ: NLSP) and Kadimastem Ltd. (TASE: KDST) have declared significant progress in their merger journey. Following Nasdaq's endorsement for the listing of shares on the Nasdaq Capital Market, both parties have successfully met all essential conditions precedents for their merger. This merger will result in the creation of a new entity called NewCelX Ltd.
Key Milestones and Closing Date Set for Merger
All critical material conditions for this merger, also known as the "Merger" between NLS Pharmaceutics (Israel) Ltd. and Kadimastem, have either been fulfilled or waived as agreed upon by both parties. The expected closing of this significant transaction has been set for a date that aligns with the upcoming developments in the market.
Trading Suspension and Delisting Timeline
Trade-in Kadimastem's ordinary shares on the Tel Aviv Stock Exchange will be temporarily halted until the delisting post-merger is completed. The anticipated delisting of Kadimastem shares from TASE is scheduled to take place as the merger concludes.
Final Exchange Ratio Explained
In this merger, the final exchange ratio stipulates that shareholders of Kadimastem will receive 7.06 common shares of NLS for every ordinary share they hold. With the implementation of a reverse share split of 1:10 for NLS's shares, the final outcome of this merger will result in 0.706 NLS common shares per Kadimastem ordinary share.
NewCelX Ltd. and Future Trading on Nasdaq
The new entity, NewCelX Ltd., will officially begin trading on the Nasdaq Capital Market under the ticker symbol "NCEL." The expected commencement of trading is projected following the completion of all necessary actions to deliver NewCelX common shares to Kadimastem shareholders.
Expectations for Share Deposit
It is anticipated that NewCelX common shares, previously known as NLS common shares, will be deposited into Kadimastem shareholders' accounts shortly after the merger concludes. This operation is slated to occur at the end of the trading day, making shares accessible for trading shortly thereafter.
About NLS Pharmaceutics
NLS Pharmaceutics Ltd. is a biopharmaceutical company based in Switzerland. With a focus on developing innovative therapies aimed at treating disorders within the central nervous system, NLS is at the forefront of medical advancements. Their commitment is to improve the quality of life for patients suffering from neurological conditions.
About Kadimastem
Kadimastem Ltd. stands as a leader in the realm of cell therapy, dedicated to creating allogeneic, off-the-shelf cell products targeting neurodegenerative diseases and diabetes. Through innovative research and clinical trials, they endeavor to deliver cutting-edge solutions within the medical community.
Frequently Asked Questions
What prompted the merger between NLS Pharmaceutics and Kadimastem?
The merger aims to combine resources and expertise to enhance the development of innovative therapies for central nervous system disorders while positioning the new company favorably in the market.
When will the new company, NewCelX Ltd., start trading?
NewCelX Ltd. is set to commence trading on the Nasdaq Capital Market following the completion of the merger procedures.
What is the significance of the exchange ratio?
The exchange ratio determines the number of NLS shares that Kadimastem shareholders will receive, crucial for understanding their investment's value post-merger.
How will the merger impact existing shareholders?
Existing shareholders of both companies will benefit from the consolidation of operations and resources, aiming for a more robust market presence and greater potential for profit.
Where can I find more information about NLS Pharmaceutics?
More information regarding NLS Pharmaceutics and their innovative therapies can be found on their official website at www.nlspharma.com.
