99 Acquisition Group said its sponsor deposited $750,000 into trust (10 cents a share) to extend the SPAC’s runway to Aug. 22. This is the first of up to two three-month extensions available to 99 Acquisition.
The SPAC has a merger agreement with Nava Health MD. The deal was announced in February at a potential equity value of $320 million. Terms call for the issuance of 32 million shares to Nava Health MD investors.
The target is a vertically integrated, tech-enabled chain of healthcare centers that combines integrative, functional, preventive, and regenerative medicine.
If approved, upon closing Nava Health MD expects to list on the Nasdaq.
The SPAC raised $75 million in an August 2023 IPO, initially with plans to focus on identifying businesses in the real estate industry. Read more.
