TEL AVIV, Israel, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Holdco Nuvo Group D.G Ltd ("Nuvo”), a pioneer in remote pregnancy monitoring, filed a motion on September 10, 2024 to retain Intrepid Investment Bankers ("Intrepid”) to act as its investment banker for the process of exploring and reviewing strategic alternatives as part of its ongoing Chapter 11 process pending before the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court”).
"We are committed to evaluating a range of strategic options to maximize value for our stakeholders,” said Rice Powell, Chief Executive Officer of Nuvo. "As part of this effort, our Board of Directors has approved the retention of certain legal and financial advisors, including Intrepid, and is focused on achieving an efficient outcome that will allow for the continued development and distribution of the Nuvo pregnancy monitoring system for patients and providers.”
Nuvo intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Potential alternatives, to be explored further and evaluated during the review process, may include a plan of reorganization and investment for future growth, and/or the licensing, sale or divestiture of some, or all, of the company's proprietary technologies.
There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or as to the timing of any such agreements or transactions.
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 2025, subject to granting of the CE mark, 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.
About Intrepid
Intrepid is a specialty investment bank focusing on M&A, capital advisory, special situation, and buy-side search services for middle market companies. Its entrepreneurial roots, combined with MUFG (Mitsubishi UFJ Financial Group), one of the largest financial institutions in the world, unlocks the best of both worlds for our clients: human-centric investment banking at a global scale. Our unique culture attracts, develops, and retains the best talent in the industry. Through client-centered deal making, best-in-class market intelligence, global capital resources, and extensive access to acquirers and capital providers, its bankers work tenaciously to deliver the value in each business beyond conventional metrics. For more information, visit: https://intrepidib.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. 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; (ii) changes in general economic and/or industry specific conditions; (iii) the ability of Nuvo to retain, attract and hire key personnel; (iv) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the completion of the business combination; (v) legislative, regulatory and economic developments; (vi) 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 (vii) other risk factors as detailed in the registration statement (File No: 333-274803) on Form F-4 filed by Nuvo 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.
CONTACTS:
Investor Relations Contact
Nuvo Group
Ryan Kraudel
