Nuvo Group, a provider of solutions for women’s health and connected pregnancy care, is set to merge with LAMF Global Ventures Corp I (LAMF), a special-purpose acquisition company.
The two entities have signed a non-binding letter of intent (LOI) for the merger to create a publicly listed combined entity.
Under the LOI, the current shareholders of Nuvo will exchange their shares in Nuvo for equity in the newly formed public company.
Subject to the signing of definitive agreements, the merger is anticipated to be completed in the second half of this year.
Kelly Londy, who is currently the CEO of Nuvo, will assume leadership of the merged company, upon completion of the transaction.
In a statement, Londy said: “We anticipate that the Nuvo – LAMF partnership will be a significant public market event for women’s health and pregnancy care, which we believe has seen too little investment and innovation to address these concerning trends.
“Listing as a publicly traded company would enable increased growth opportunities for Nuvo.”
Nuvo offers a prescription-initiated, remote pregnancy monitoring platform called INVU by Nuvo.
The platform facilitates the remote administration of non-stress tests (NSTs) and monitoring of maternal and foetal heart rates, supporting expectant parents in complying with their prescribed care.
The INVU platform received two approvals from the US Food and Drug Administration (FDA).
Nuvo has inked relationship agreements with US-based Penn Medicine, Axia Women’s Health, Banner Health, Ouma, Babyscripts, and various other partners to tap the market potential in the US.