NewGenIvf Group Limited(NASDAQ:NIVF) shares are blasting higher Monday after the company signed a non-binding term sheet for a potential reverse merger withEuropean Wellness Investment Holdings (EWIHL).
The Details:
The term sheet proposed that NewGen issue 53,600,000 of its ordinary shares to the shareholder(s) of EWIHL in exchange for 100% equity interest of EWIHL, at a price per share of $5, representing an aggregate amount of $268 million. Simultaneously, it is proposed that NewGen raise $30 million from public or private shareholders, in a form mutually acceptable to both NewGen and EWIHL.
"I am thrilled to announce the signing of a...
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