A SPAC I Acquisition announced its shareholders yesterday approved the business combination with NewGenIvf Limited, a fertility services provider in Asia.
The combined company will be named NewGenIvf Group Limited. Shares and warrants are expected to begin trading on the Nasdaq under the tickers NIVF and NIVFW.
The deal was announced in February 2023 at an implied enterprise value of approximately $50 million. A SPAC I raised $60 millon in 2022 IPO a year ago, although the trust was down to about $37.3 million following redemptions on an extension vote.
NewGen is a family of fertility clinics primarily serving patients in Southeast Asia across three jurisdictions, Thailand, Cambodia, and Kyrgyzstan. NewGenIvf Group Limited will be the only listed Asian company offering legal surrogacy services for couples as well as single parents, including the LGBTQ+ community, according to China Insight Consultancy. Read more.
