LAMF Global Ventures Corp. I (LGVC) Signs LOI With Nuvo Group
LAMF Global Ventures Corp. I (Nasdaq: LGVC) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a leading FDA-cleared innovator in pregnancy care, Nuvo Group Ltd.
Under the LOI, LAMF contemplates Nuvo at a pre-money equity valuation of $269 million, excluding a seller earnout of approximately $31 million. Jeffrey Soros and affiliates of 10X Capital have committed to make a financial investment in Nuvo in connection with the entry into a definitive agreement.
The SPAC has not disclosed further details on the transaction just yet, but expects to provide more information when a definitive agreement is executed. Once the agreements are finalized, the business combination is expected to close during the second half of 2023. The parties also intend to list the combined company on the Nasdaq under the ticker “NUVO”. It is expected to be led by Nuvo’s current CEO, Kelly Londy.
Nuvo has developed INVU, an FDA-cleared, prescription-initiated, remote pregnancy monitoring platform that enables the delivery of remote NSTs (Non-Stress Tests) and maternal & fetal heart rate monitoring, helping expectant parents adhere to their prescribed care plan.
Additionally, Nuvo has signed U.S.-based relationship agreements with Penn Medicine, Axia Womens’ Health, Banner Health, Ouma, Babyscripts, and others, enabling it to address the market opportunity in the U.S. with a multi-channel commercial strategy. The company is currently expanding its network of university hospital partners that are gateways to international commercialization, including signed agreements with Charite University Hospital in Europe, and Sheba Medical Center in Israel.
LAMF originally announced the pricing of its upsized $220 million IPO in November 2021 and set out to combine with a company that is growth-oriented and prioritizes its relationship directly with consumers in the dynamic world of media, entertainment, sports, e-commerce and technology.
The SPAC currently has a completion deadline of May 16, but is holding a shareholder meeting on May 11 to vote on a proposal to extend its deadline to November 16.