NewGenIVF Cancels Reverse Merger with European Wellness
Deal News | Mar 31, 2025 | EIN
NewGenIvf Group Limited, a fertility services provider in Asia, announced the termination of its binding term sheet for a proposed reverse merger with European Wellness Investment Holdings Limited (EWIHL). The merger, initially agreed upon in December 2024, was intended for EWIHL to acquire approximately 61.6% of NewGen's equity as part of the transaction. However, EWIHL failed to deliver the necessary audited financial statements by the March 31, 2025, deadline, prompting NewGen to terminate the agreement at no cost. Despite the setback, NewGen's CEO, Siu Wing Fung Alfred, emphasized the company's commitment to its core business strategy and exploring opportunities that align with its long-term vision. NewGen remains focused on its existing operations and growth prospects, including a recent acquisition and a new service offering. The press release also included forward-looking statements about the company's strategy and potential risks.
Sectors
- Healthcare
- Financial Services
Geography
- Thailand – NewGenIvf Group Limited operates clinics in Thailand, making it the central location of its business operations.
- Europe – European Wellness Investment Holdings Limited is based in Europe, making it a geographic focus of the intended transaction.
Industry
- Healthcare – The article primarily discusses NewGenIvf Group Limited, a comprehensive fertility services provider operating within the healthcare industry.
- Financial Services – The article involves a reverse merger transaction, which pertains to investment activities typically associated with the financial services industry.
Financials
- 61.6% – The percentage of equity EWIHL was set to acquire in NewGen as part of the proposed reverse merger transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NewGenIvf Group Limited | Target Company | Company | An Asia-based comprehensive fertility services provider listed on NASDAQ. |
| European Wellness Investment Holdings Limited | Bidding Company | Company | A healthcare company that was supposed to merge with NewGenIvf through a reverse merger. |
| Siu Wing Fung Alfred | CEO | Person | Founder, Chairman, and CEO of NewGenIvf Group Limited. |