Nuvo Group and LAMF Global Ventures I announced that LAMF’s shareholders voted to approve the merrger of the companies. Nuvo offers an FDA-cleared remote pregnancy monitoring platform.
Voters representing over 93.4% of the outstanding Class A shares of LAMF, voted in favor of the transaction.
Redemptions of 2,913,194 LAMF shares left approximately $434,982 in cash in the trust account. The SPAC said 39,422 Class A shares (representing approximately 1.3% of the shares prior to redemptions) will remain outstanding.
Upon closing, which the parties said they are working to effect as soon as practicable, the combined company is expected to be listed on the Nasdaq under the ticker symbol NUVO, with warrants under the ticker symbol NUVOW.
The transaction at deal announcement last August valued Nuvo at a pre-money equity valuation of $269 million and up to approximately $300 million in earnouts upon Nuvo achieving certain commercial milestones.
LAMF can extend the closing to mid-May, if necessary, without another shareholder vote. Read more.
