Nuvo Group, creators of INVU by Nuvo, an FDA-cleared remote pregnancy monitoring platform, and LAMF Global Ventures I today announced that they have entered into a non-binding letter of intent for a business combination. If the deal is ultimately approved, NUVO is expected to list on the Nasdaq under the ticker NUVO.
The LOI contemplates a pre-money equity valuation of $269 million, excluding a seller earnout of approximately $31 million.
Jeffrey Soros and affiliates of 10X Capital have committed to a financial investment in Nuvo if the parties sign a definitive merger agreement.
LAMF Global raised $220 million in a November 2021 IPO with plans at that time to target media, entertainment and sports companies, as well as opportunities within e-commerce and technology. Read more.
