NLS Pharmaceutics and Kadimastem receive Nasdaq approval for merger

NLS Pharmaceutics Ltd. (NASDAQ: NLSP) and Kadimastem Ltd. (TASE: KDST) received approval from the Nasdaq Listing Center for their proposed merger, with closing expected on October 30, 2025.

The combined company will operate under the name NewcelX Ltd. and trade on the Nasdaq Capital Market with the ticker symbol "NCEL" beginning October 31, 2025, according to a company statement.

Under the merger terms, Kadimastem shareholders will hold 84.4% of the combined company's issued share capital, while NLS shareholders will retain 15.6%. Each Kadimastem share will be exchanged for approximately 0.62 NLS shares on a post-reverse stock split basis.

Kadimastem shares will be withdrawn from the Tel Aviv Stock Exchange on October 30, 2025, with delisting expected on October 31, 2025. NLS common shares issued as merger consideration will be delivered to Kadimastem shareholders by November 3, 2025.

NewcelX will advance two clinical programs following the merger. AstroRx is preparing for a Phase 2a clinical trial in the United States for Amyotrophic Lateral Sclerosis treatment. IsletRx, a stem cell-derived islet cell therapy for insulin-dependent diabetes, is conducting preclinical safety studies for a Phase 1 clinical trial following a pre-IND meeting with the FDA.

NLS Pharmaceutics is a Swiss biopharmaceutical company focused on central nervous system disorders. Kadimastem develops cell therapy treatments for neurodegenerative diseases and diabetes.

The companies noted that closing dates may change due to external factors and committed to providing updates as needed.

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