NewGenIvf Plans to Execute Reverse Merger with European Wellness Investment Holdings

DENVER, Colo., Apr 22, 2024 ( NewGenIvf Group (NASDAQ:NIVF) reported executing a non-binding term sheet regarding a proposed reverse merger with European Wellness Investment Holdings Limited, in which NewGen will issue 53,600,000 of its ordinary shares to EWIHL shareholders in exchange for 100% equity interest of EWIHL, at a deemed price per share of US$5, representing an aggregate amount of US$268,000,000. Simultaneously, it is proposed that NewGen raise US$30 million from public or private shareholders, in a form mutually acceptable to both NewGen and EWIHL.

“I am thrilled to announce the signing of a non-binding term sheet with EWIHL, a leading healthcare company. The proposed reverse merger will bolster our position in several key ways. Operationally, it will unlock significant synergies, expand our global reach, and help us to further improve fertility outcomes for our customers. Financially, with the acquisition of a profitable business and a US$30 million fundraising, we will be well-equipped to fund our future growth. Moreover, the issuance of additional ordinary shares will increase our market capitalization, ensuring higher trading liquidity. Finally, I believe that the deemed price of US$5 per share confirms that our current share price is undervalued compared to the long-term fair valuation of the company,” stated Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen.

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