99 Acquisition Group Inc.
LIQUIDATION – 9/12/24 – LINK
- The Company anticipates that the last day of trading in the Class A ordinary shares will be September 13, 2024.
- The per-share redemption price will be approximately $10.55
The below-announced combination was terminated on 8/30/24. It will remain on the page for reference purposes only. Once a new combination is announced it will be added to the top of the page.
PROPOSED BUSINESS COMBINATION: Nava Health MD, Inc. [Terminated]
ENTERPRISE VALUE: TBD
ANTICIPATED SYMBOL: TBD
99 Acquisition Group, Inc. entered into a definitive merger agreement with Nava Health MD, Inc.
- Nava Health is a leading integrative medical center committed to providing client-centered, functional, and integrative healthcare. With a team of highly skilled medical professionals and a dedication to cutting-edge technology, Nava Health delivers personalized care that addresses the root causes of health issues. Nava Health is at the forefront of the integrative healthcare movement with multiple centers nationwide.
TRANSACTION
- Upon closing the proposed transaction, 99 Acquisition will be renamed Nava Health MD, Inc. and expects to remain listed on the Nasdaq Stock Market.
- The proposed transaction has been approved by the boards of directors of Nava Health and 99 Acquisition.
- The shareholders of Nava Health will receive an aggregate number of shares of common stock having a total value equal to $320 million at the closing of the proposed transaction.
- The proposed transaction is expected to be completed in the second quarter of 2024.
SPAC FUNDING
- The SPAC will use commercially reasonable efforts to enter into subscription agreements, non-redemption agreements, backstop arrangements, and/or arrange debt financing.
FORFEITURE
- The Sponsor will forfeit for no consideration all of the 1,000,000 shares of NNAG common stock.
LOCK-UP
- Company:
- Nava entered into a lock-up agreement pursuant to which the stockholders of Nava agreed to lock-up their shares for the period commencing at the Closing and ending on the date that is six months after the Closing.
- Sponsor:
- The Sponsor agreed to lock-up their shares until the earlier to occur of:
- (i) one year after the Closing, and
- (ii) the closing price of the shares of Class A common stock equaling or exceeding $12.00 per share for any 20 trading days within any 30-trading day period commencing 150 days after the Closing.
- The Sponsor agreed to lock-up their shares until the earlier to occur of:
NOTABLE CONDITIONS TO CLOSING
- 99 Acquisition and Nava Health shareholder approvals
- The SPAC, upon Closing, must have cash and cash equivalents equal to or greater than $20,000,000 (Minimum Cash Closing Condition)
NOTABLE CONDITIONS TO TERMINATION
- The Merger Agreement may be terminated:
- by either the SPAC or Nava if the Closing does not occur on or prior to June 30, 2024 (the “Outside Closing Date”), or
- by Nava if the SPAC fails to obtain commitments of at least $10,000,000 in the form of equity investments on or before February 29, 2024.
ADVISORS
- Nava Health Advisors:
- Gordon Feinblatt LLC is serving as legal counsel
- SPAC Advisors:
- Loeb & Loeb LLP is serving as legal counsel
MANAGEMENT & BOARD
Executive Officers
Hiren Patel, —
Chairman and Chief Executive Officer
Hiren Patel is the Chief Executive Officer of the Company and has been the Chairman of the Board of Directors since inception. Since November 2010, Mr. Patel has served as the Chief Executive Officer of Intelvative, a firm he founded in 2009 with a focus on three lines of business: ecommerce, government contracting and real estate consulting. Under the management of Hiren Patel, Intelvative’s government division worked with Microsoft, AWS, Department of Energy, Federal Energy Regulatory Commission, Lockheed Martin and many others. Mr. Patel also served as a the Chief Executive Officer of CyberSmoke, a subsidiary of Intelvative, from October 2011 to June 2019, prior to the sale of CyberSmoke to MeriTalk. Intelvative also launched ConnectSO.com, an ecommerce platform that uses the concept of Social Commerce (which is the “So” in ConnectSo) to put the power of raising money for schools in the hands of teachers, schools and parents. Prior to founding Intelvative, Mr. Patel held various leadership positions with several government contracting firms, including ICS Nett, Inc., ASRC Federal, and USM Business Systems Mr. Patel has also actively participated in the real estate business taking a hands on approach in projects that have required new construction, renovation, and the buying, selling and rental of various properties. Mr. Patel graduated with a Bachelor of Arts in Finance and Marketing from West Virginia University . We believe that Mr. Patel’s background as a serial entrepreneur and his expertise in operations and finance will enable him to contribute significantly to our management team and board of directors
Board of Directors
Eric Crowe, —
Director
Eric Crowe has been a director of the Company since inception. Mr. Crowe has been the Chief Financial Officer of BRMi, an end-to-end information technology services company, since May 2013. He previously serves as Chief Financial Officer of Innoviss, Inc. from February 2007 to February 2013. From April 2001 to February 2007, Mr. Crowe was the Director of Business Operations at ManTech International; and from January 1997 to April 2001, Mr. Crowe was a Business Operations Manager at Affiliated Computer Services, Government Solutions Group. Mr. Crowe has demonstrated success in streamlining business operations that drive growth, increased efficiency, and bottom-line results. Mr. Crowe obtained a Bachelor of Science in Business from Shepherded University in 1997 and an MBA from Webster University in 2002.
Anil Patibandla, 53
Director Nominee
Anil Patibandla has been a director of the Company since inception. Since June 2017, Mr. Patibandla has served as the President of Harmonia Holdings Group, LLC, a software development company based in Blacksburg, Virginia. Mr. Patibandla has over 20 years of experience in commercial, higher education, international and US public sector (DoD, Federal Civilian, State & Local) markets. Most recently, from August 2015 to June 2017, Mr. Patibandla was Chief Strategy Officer at CMCI, where he was responsible for corporate growth, including M&A. Prior to CMCI, Mr. Patibandla held senior executive roles at leading companies such as Camber Corporation, Avaya Government Solutions, Suh’dutsing, a Tribally owned 8(a), and Goldstone. Mr. Patibandla is an active member of the management of VBeech Properties LLC, a real estate investment and development company. Mr. Patibandla currently serves on the board of the Professional Services Council (PSC). Mr. Patibandla graduated with a Master of Science in Engineering from South Dakota State University in 1994 and a Bachelor of Technology in Civil Engineering from GPREC, India.
Mike Barwis, —
Director Nominee
Mike Barwis has been a director of the Company since inception. Since July 2011, Mr. Barwis has served as the founder and CEO of the Barwis Companies, which is a group of companies focused on human performance. Mr. Barwis has been the Director of Sports Science and Human Performance for the Detroit Red Wings since June 2011. From Mar 2014 to February 2021, he also served as the Senior Advisor of Strength and Conditioning to the New York Mets. Between 2014 and 2015, Mr. Mr. Barwis served as a sports science consultant to the Miami Dolphins. Mr. Barwis has coached 32 National Strength and Conditioning (NSCA) All-Americans since 1999, and was one of 10 coaches to receive the 2002 Bronze Award from the NSCA certification commission. He has trained over 500 Olympic and professional athletes in over 40 sporting events. In addition, Mr. Barwis has been published in numerous journals, magazines, newspapers, written several books, and produced several videos. Mr. Barwis earned his undergraduate degree in Exercise Physiology from the School of Medicine at West Virginia University and his Master’s Degree in Athletic Coaching with an emphasis in strength and conditioning.
Mike Battle, —
Director Nominee
Mike Battle has been a director of the Company since inception. Mr. Battle founded BRMi, an IT services and consulting firm that provides technology solutions for both government and commercial clients, in 2004 and has since served as its President and CEO of BRMi Holdings. Prior to founding BRMi, for 20 years, Mr. Battle led organizations in operations management, sales and sales management, marketing and business strategy in government and commercial information technology. Mr. Battle obtained a Bachelor of Science in Communication Arts from James Madison University (JMU) in 1981 and an M.B.A. in 1984. He is a current member of boards for the Center for Adoption Support and Education, TechFrederick, James Madison University Federal Affinity Group, and is a past gubernatorial appointee to the JMU Board of Advisors.
Tim Wertner, 56
Director Nominee
Tim Wertner has been a director of the Company since inception. Since June 2018, Mr. Wertner has served as Senior Vice President (SVP) U.S. Operations at FedEx Express (NYSE: FDX). As a member of the company’s executive leadership team, Mr. Wertner oversees the pick-up, transportation, and delivery of Express volume. In this role, Mr. Wertner leads over 50,000 employees, oversees dispatch, customer experience, and audit & compliance for the Express operations as well as the pickup and delivery of 3 million packages daily, and is responsible for a $5 billion yearly operating budget. Prior to his role as Senior Vice President U.S. Operations, Mr. Wertner served in several other roles at Fedex Express since 1995, including Vice President and Senior Vice President positions in various operational roles, including Vice President of the Memphis World Hub, the centerpiece of FedEx’s logistic center, Senior Vice President of the U.S. Express Operations, responsible for 665 facilities through the U.S., and Senior Vice President of Air Ground Freight Service, leading the flight transportation of FedEx volume on over 350 flights daily. Throughout Mr. Wertner’s career he has served on various councils at FedEx, including Express Strategic Portfolio Council, Express Compliance Committee, Diversity Council and Talent Review Committee. Mr. Wertner is a member of the board of directors of Intelative (2019 – present) and Direct Relief (2021 – present). From 2019 to 2021, Tim served as a member of the board of directors of Safe Kids Worldwide. Mr. Wertner received his MBA from the University of California, Irvine, CA in 2003 and his Bachelor of Science from La Verne University, La Verne, CA in 1995.
Bill Rucker, —
Director Nominee
Bill Rucker has been a director of the Company since inception. Since September 2015, Mr. Rucker has served as President of Trustwave Government Solutions, a cybersecurity and managed security services firm. Prior to his tenure as President, Mr. Rucker was a Vice President at Trustwave Government Solutions from March 2010 to September 2015. In addition to 18 years of experience in public sector sales, Mr. Rucker brings more than 20 years of business and industry expertise gained from executive-level sales positions within the IT and information security industries, including leadership positions at Finjan Software and Santa Cruz Operation. Mr. Rucker holds a B.B.A from the Fisher College of Business at The Ohio State University and is an active member of numerous government-related groups and organizations, including AFCEA, ACT/IAC, AFFIRM and ATARC (formerly GITEC).
