European Wellness Investment Holdings Limited entered into non-binding term sheet to acquire NewGenIvf Group Limited in a reverse merger transaction for $41.272 million.

European Wellness Investment Holdings Limited entered into non-binding term sheet to acquire NewGenIvf Group Limited (NasdaqGM:NIVF) in a reverse merger transaction for $41.272 million on April 17, 2024. As a part of consideration, 53.6 million shares were issued. Post completion, EWIHL Shareholders are expected to hold approximately 76.4% equity interest in NewGen.

The deal is subject to consummation of due diligence, the negotiation of a definitive agreement, obtaining adequate financing, satisfaction of the conditions negotiated therein, and approval of the Proposed Transaction by the board and stockholders, as and when applicable.