NewGenIvf Limited completed the acquisition of A SPAC I Acquisition Corp. from A SPAC Acquisition Corp. and others in reverse merger transaction.
The transaction is subject to, among other things, regulatory approvals, the approval by ASCA's shareholders of the transaction and satisfaction or waiver of other customary closing conditions, the Key Personnel shall have executed the employment agreements, the SEC shall have declared the Registration Statement effective and immediately after the closing, ASCA shall have in excess of $5,000,000 in net tangible assets, the directors designated by the NewGenIvf shall have been appointed to the board of directors of the ASCA., additional listing application for the closing payment shares shall have been approved for listing by Nasdaq and additional agreements including Lock-up agreements, the registration rights agreement, voting and support agreements, the employment agreements and the non-competition agreements duly executed by all parties. The NewGen and ASCA Boards of Directors have unanimously approved the proposed transaction, which is expected to be completed in the third quarter of 2023. As of April 11, 2023, ASCA extended the outside date from April 17, 2023 to May 17, 2023 to complete the transaction. As of May 11, 2023, ASCA made a deposit of $90,000 (the ?Extension Payment?) to the trust account and extended the period of time the Company has to consummate an initial business combination from May 17, 2023 to June 17, 2023. Following the deposit of the Extension Payment, the amount of funds remaining in the trust account was $38.1 million. As of October 11, 2023, ASCA made a deposit of $20,000 (the ?Extension Payment?) to the trust account and extended the period of time the Company has to consummate an initial business combination from October 17, 2023 to November 17, 2023. Following the deposit of the Extension Payment, the amount of funds remaining in the trust account was approximately $39.3 million. As on March 4, 2024, the transaction was approved by shareholders of A SPAC I Acquisition Corp.
Giovanni Caruso of Loeb & Loeb LLP acted as legal advisor to A SPAC I Acquisition Corp. (NasdaqCM:ASCA). Guangqin Wei and Chris G. Tang of Jun He Law Offices acted as legal advisor to NewGenIvf Limited. Kalikova & Associates, Haiwen & Partners LLP, DFDL (Thailand) Limited and Ogier acted as legal advisor to A SPAC I Acquisition Corp. (NasdaqCM:ASCA).
NewGenIvf Limited completed the acquisition of A SPAC I Acquisition Corp. (NasdaqCM:ASCA) from A SPAC (Holdings) Acquisition Corp. and others in reverse merger transaction on April 3, 2024.