A SPAC I Acquisition announced a merger agreement with fertility provider NewGenIvf Limited, which serves patients in southeast asia. The deal values NewGen at an implied enterprise value of approximately $50 million.
If the SPAC's shareholders approve the deal, the combined company is expected to be renamed First Fertility Group Ltd. and list on the nasdaq. The target operates clinics in Thailand, Cambodia and Kyrgyzstan.
A SPAC I raised $60 millon in an ipo a year ago, although the trust is down to about $37.3 million following redemptions on an extension vote.
Jun He Law Offices is legal advisor to NewGen.
Source: Fertility Provider NewGenIvf Combining with A SPAC I in M Deal