Nuvo Solves Inherent Problems of Access to
Quality Pregnancy Care With Advanced FDA-Cleared Pregnancy
Monitoring and Management Platform
Company Will Begin Trading on NASDAQ Under
Ticker Symbol NUVO as of Thursday May 2,
2024
TEL
AVIV, Israel and LOS
ANGELES, May 1, 2024 /PRNewswire/ -- 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.
About Nuvo
Nuvo is leading a transformation in pregnancy care by providing
clinicians and expectant mothers with access to medically-necessary
remote pregnancy monitoring anytime, anywhere. Nuvo's INVU™
platform is an FDA-cleared remote pregnancy monitoring and
management system. It enables the delivery of remote non-stress
tests (NSTs) and maternal and fetal heart rate monitoring, while
pioneering new data-driven personalized pathways that Nuvo believes
can improve future health outcomes. INVU is being used by leading
health providers and research institutions across the US and
Israel. Nuvo plans to continue to expand the footprint of
sales in the US and Israel and
plans to introduce its INVU platform in Europe in 2024, subject to granting of the CE
mark it filed in Europe in
March 2023, to provide remote access
and insights not previously deemed possible. Nuvo is led by a
diverse team of experienced business, medical and technology
leaders, united in the mission of breaking down barriers to
pregnancy care to give every life a better beginning. For more
information and complete indications, contraindications, warnings
and precautions, and instructions for use, visit
www.nuvocares.com.
Forward-Looking Statements
Certain statements contained in this press release may be
considered forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act and Section 21E of the Exchange Act,
including statements regarding the Business Combination involving
LAMF, Nuvo and Holdco, and the ability to consummate the Business
Combination. Forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as "may,"
"will," "should," "would," "expect," "anticipate," "plan,"
"likely," "believe," "estimate," "project," "intend," and other
similar expressions among others. Statements that are not
historical facts are forward-looking statements. Forward-looking
statements are based on current beliefs and assumptions that are
subject to risks and uncertainties and are not guarantees of future
performance. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors, including, without limitation: (i) the possibility that
other anticipated benefits of the Business Combination will not be
realized, and the anticipated tax treatment of the Business
Combination; (ii) the risk that shareholder litigation in
connection with the Business Combination or other settlements or
investigations may affect the timing or occurrence of the Business
Combination or result in significant costs of defense,
indemnification and liability; (iii) changes in general economic
and/or industry specific conditions; (iv) possible disruptions from
the Business Combination that could harm Nuvo's business; (v) the
ability of Nuvo to retain, attract and hire key personnel; (ix)
potential adverse reactions or changes to relationships with
customers, employees, suppliers or other parties resulting from the
completion of the Business Combination; (vi) legislative,
regulatory and economic developments; (vii) unpredictability and
severity of catastrophic events, including, but not limited to,
acts of terrorism, outbreak of war or hostilities and any epidemic,
pandemic or disease outbreak (including COVID-19), as well as
management's response to any of the aforementioned factors; and
(viii) other risk factors as detailed in the registration statement
(File No: 333-274803) on Form F-4 filed by Holdco with the SEC in
connection with the Business Combination and the prospectus/proxy
statement contained therein, as well as those risk factors detailed
from time to time in Nuvo's reports filed with the SEC, including
its Annual Report on Form 20-F and other documents filed with the
SEC. The foregoing list of important factors is not exhaustive.
Except as required by applicable law, Nuvo does not undertake any
obligation to revise or update any forward-looking statement, or to
make any other forward-looking statements, whether as a result of
new information, future events or otherwise.
No Offer or Solicitation
This press release is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the Business Combination
or otherwise, nor shall there be any sale, issuance or transfer or
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom, and otherwise
in accordance with applicable law.
CONTACTS:
Investor Relations Contact
Nuvo Group
Ryan Kraudel
ryan.kraudel@nuvocares.com
Media Relations Contact
FINN Partners for Nuvo
Group
Danny Sudwarts
danny.sudwarts@finnpartners.com
(+1) 469-297-2515
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SOURCE Nuvo Group Ltd.
