LGVC - SPAC LAMF Global Ventures I signs merger LOI with Israeli medtech Nuvo

2023-04-28 16:31:57 ET

SPAC LAMF Global Ventures Corp. I ( NASDAQ: LGVC ) has signed a non-binding letter of intent to merge with Nuvo Group ( NUVO ), an Israeli developer of prenatal monitoring systems.

The deal would value Nuvo at the pre-money equity valuation of $269M, excluding a $31M seller earnout.

The companies hope to close the deal during the second half of the year, with shares of the combined company trading on Nasdaq under the symbol NUVO.

Based in Tel Aviv, Nuvo has developed an FDA-cleared remote pregnancy monitoring system called INVU that helps expectant mothers adhere to their prescribed care plans.

Los Angeles-based LAMF I held its initial public offering in November 2021, raising $253M.

Last fall, LAMF I was reported to be in merger with talks with English Premier League football club Everton PC.

For further details see: