Holdco Nuvo Group D.G Ltd (NASDAQ: NUVO) (“Nuvo”), a pioneer in remote pregnancy monitoring, today announced completion of its business combination with LAMF Global Ventures Corp.
I (NASDAQ: LGVC) (NASDAQ: LGVCU) (NASDAQ: LGVCW) (“LAMF”), a publicly traded special purpose acquisition company and Nuvo Group Ltd. The combined company will retain the Nuvo name, along with its existing management and operational structure. The company’s shares will be listed on NASDAQ under a new ticker symbol (NUVO) as of Thursday, May 2, 2024.
Nuvo is addressing health disparities and breaking down barriers to accessing quality pregnancy care with INVU™️, an advanced pregnancy monitoring and management platform. INVU harnesses wearable technology, AI and machine learning to empower patients and healthcare providers with real-time, actionable insights into maternal-fetal health.
The physician-prescribed, FDA-cleared platform enables clinicians to conduct fetal non-stress tests (NSTs) with patients anywhere, improving accessibility to care, reducing staffing burdens and enhancing the quality and depth of information available for decision-making. The wearable band and mobile app capture maternal and fetal heart rates and uterine activity signals, which are processed in the cloud and transmitted in real-time for clinician interpretation.
The combined company will be led by Nuvo’s chief executive officer Rice Powell, a 40-year industry veteran with a proven record for meeting consumer health needs while satisfying payor and provider requirements. Rice is the former CEO and Chairman of the Management Board of Fresenius Medical Care, a dual listed company on the Frankfurt and New York stock exchanges, and a leading global provider of kidney dialysis products and services. He has held several senior leadership positions at Fresenius Medical Care, as well as senior positions at Biogen Inc. and Baxter International Inc. Rice was appointed to Nuvo’s Board of Directors in September 2023.
“Nuvo is committed to solving the inherent problems of a broken pregnancy care system by enabling access to quality care with advanced remote monitoring technology,” said Rice Powell, CEO of Nuvo. “Becoming a public company provides us with the resources to redefine pregnancy care and address health disparities by ensuring that all expectant mothers can receive timely and accurate care, regardless of their background or location.”
The business combination, which was approved at a special meeting of LAMF’s shareholders, held on April 1, 2024 and at an extraordinary general meeting of Nuvo shareholders on March 1, 2024, will enable Nuvo to access capital markets to fuel commercial growth, international expansion, and expedite its innovation pipeline.
Nuvo was represented on the business combination by Greenberg Traurig and Meitar, and LAMF was represented by White & Case and Herzog Fox & Neeman.
