Core Viewpoint - NewGenIvf Group Limited has terminated its binding term sheet with European Wellness Investment Holdings Limited regarding a proposed reverse merger due to EWIHL's failure to deliver required draft audited financial statements by the deadline [1][2]. Company Overview - NewGen is a comprehensive fertility services provider in Asia, offering a range of fertility treatments to couples and individuals facing infertility challenges [4]. - The company operates clinics in Thailand, Cambodia, and Kyrgyzstan, providing services such as assisted reproductive technology, egg and sperm donation, and surrogacy [4]. Transaction Details - The proposed reverse merger would have resulted in EWIHL holding approximately 61.6% of NewGen's equity [2]. - The completion of the merger was contingent upon due diligence, delivery of draft audited financials for 2023 and 2024, and negotiation of a definitive agreement [2]. Management Commentary - The CEO of NewGen expressed confidence in the company's ability to pursue other growth opportunities despite the termination of the merger [3]. - The management team remains focused on executing the core business strategy and exploring avenues to create shareholder value, including recent acquisitions and services like lifetime egg-freezing [3].
NewGenIVF Announces Termination of Proposed Reverse Merger Transaction with European Wellness