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BANGKOK, Dec. 23, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group Limited (NASDAQ: NIVF) (“NewGen” or the “Company”) today announced that both parties involved in the previously announced reverse merger with European Wellness Investment Holdings Limited (“EWIHL”) have appointed legal counsel to prepare the Share Purchase Agreement (the “SPA”). Additionally, by mutual consent, the signing date for the SPA has been extended from January 27, 2025, to February 28, 2025. This extension will allow both parties sufficient time to complete the necessary due diligence, finalize the terms of the agreement, and ensure compliance with all relevant NASDAQ requirements for reverse mergers.
This significant step follows the Company's prior announcement of a binding term sheet on December 11, 2024, which marked a pivotal moment in the Company's strategic partnership with EWIHL. This collaboration aims to leverage synergies between both companies to enhance service delivery and expand market reach in the healthcare sector.
Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen, commented: “We are excited about advancing this merger process as we continue building momentum toward completion. Engaging experienced legal counsel reflects our commitment to ensuring a seamless transaction process.”
“This reverse merger represents a US$452 million transaction at a deemed price of US$3.20 per share —a significant milestone that we believe will enhance market visibility while supporting our continued listing on the Nasdaq Global Market. Additionally, this transaction satisfies all requirements necessary for maintaining our listing status ahead of our Nasdaq appeal hearing.”
“This partnership under the leadership of Prof. Dato’ Sri Dr. Mike K.S. Chan, Chairman of EWIHL, positions us to leverage his 39 years of expertise in regenerative medicine and stem cell therapies. Dr. Chan has established a global network of medical wellness centers and is recognized as a leader in advancing innovative healthcare solutions. His expertise will be invaluable as we work together to drive growth and enhance value for our stakeholders.”
About NewGen
NewGen is a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments. With a mission to aid couples and individuals in building families regardless of fertility challenges, NewGen has dedicated itself to creating increased access to infertility treatment and providing comprehensive fertility services for its customers. NewGen’s management team collectively has over a decade of experience in the fertility industry. NewGen’s clinics are located in Thailand, Cambodia, and Kyrgyzstan, and present a full suite of services for its patients, including comprehensive infertility and assisted reproductive technology treatments, egg and sperm donation, and surrogacy, in the appropriate jurisdictions, respectively. To learn more, visit www.newgenivf.com. The information contained on, or accessible through, NewGen’s website is not incorporated by reference into this press release, and you should not consider it a part of this press release.