LGVC - Nuvo signs definitive agreement to go public on Nasdaq with Jeffery Soros led SPAC

2023-08-18 10:29:24 ET

Israel-based Nuvo Group ( NUVO ) Friday announced the signing of a definitive business combination agreement with SPAC LAMF Global Ventures Corp. I ( NASDAQ: LGVC ), following their initial merge talks in late April.

Nuvo is a technology company focused on women's health and connected pregnancy care and has developed an FDA-approved remote pregnancy monitoring platform.

The transaction values Nuvo at a pre-money equity value of $269 million and up to $300 million, the company added.

The new combined company will be led by Nuvo’s Chief Executive Officer, Kelly Londy, who began her career at the University of Michigan Hospitals and has previously worked at GE’s medical systems and healthcare divisions, and Philips Healthcare North America.

The deal is expected to complete in the first quarter of 2024, and the combined public company is forecasted to list on Nasdaq afterwards.

"We expect to bring value to the combined public company through our extensive relationships in media, entertainment, and healthcare," said Simon Horsman, LAMF’s CEO.

LAMF Global Ventures Corp is led by Jeffrey Soros, a Los Angeles-based film producer, whose uncle George has a net worth of over $8.5 billion.

Jeffrey Soros and Simon Horsman, the Chairman and CEO of LAMF Global Ventures, also founded also founded LAMF (Los Angeles Media Fund) which is involved in the production of scripted and unscripted television, among others.

More on LAMF Global Ventures Corp. I

• SPAC LAMF Global Ventures I signs merger LOI with Israeli medtech Nuvo
• SPAC LAMF Global Ventures I reportedly in talks to merge with Everton FC

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