NEW YORK - NewGenIvf Limited, a provider of fertility services in Asia, and A SPAC I Acquisition Corp. (NASDAQ: ASCA), a special purpose acquisition company, have announced the approval of their business combination by A SPAC I shareholders on Monday. The combined entity, to be named NewGenIvf Group Limited, is expected to start trading on the Nasdaq Capital Market under the tickers "NIVF" for shares and "NIVFW" for warrants, once the closing conditions are met.
The transaction values NewGenIvf at approximately $50 million. NewGenIvf, with clinics in Thailand, Cambodia, and Kyrgyzstan, offers a range of fertility services, including in-vitro fertilization (IVF) and surrogacy. It is set to become the only listed Asian company providing legal surrogacy services for couples and single parents, including the LGBTQ+ community, as per China Insight Consultancy.
Siu Wing Fung Alfred, the CEO of NewGen, expressed that the business combination is a significant step towards becoming Asia's leading fertility service provider. He highlighted that pending legislation in Thailand to allow foreign couples to seek surrogacy services could expand their market.
Claudius Tsang, CEO of A SPAC I, also showed optimism, stating shareholder recognition of NewGen's value and the prospects of expanding comprehensive fertility treatment services in Asia.
Advisors for the transaction include Jun He Law Offices for NewGen, and Loeb & Loeb LLP, Haiwen & Partners, DFDL (Thailand) Limited, Kalikova & Associates, and Ogier for A SPAC I.
This move comes amid a growing Asian fertility market, where NewGenIvf aims to maintain a competitive edge through technologies like MicroSort, for which it received a purchase offer for global rights in February 2024.
The information presented is based on a press release statement, and the official vote results will be filed in a current report on Form 8-K with the U.S. Securities and Exchange Commission by A SPAC I.
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