Company: NIVFW
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001213900-25-087717
Chunk: 188

Company: NewGenIvf Group Ltd
Filing Date: 2025-09-15
Form: F-1
Chunk 188
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 amount of $ 1,500,000, after the effective date of the Registration Statement (as defined in the SPA). The sale of the Second Additional Mandatory Note resulted in $ 1,395,000of gross proceeds to the company before fees and expenses. The Notes bears an interest rate of 14.75% per annum and may be adjustable from time to time pursuant to its terms, with maturity at the 4.5years anniversary of the date of issuance, subject to extension at the option of the holders in certain circumstances. The Second Additional Note are convertible at any time, at an initial conversion price of $ 0.658. On November. 18, 2024, the Company entered into a binding term sheet (the “Term Sheet”) with White Lion Capital, LLC, (“White Lion”) a California-based institutional investor focused on high-growth, early-stage public companies, setting out the principal terms and conditions for a $ 100million equity line of credit, expandable to $ 500million. Pursuant to the Term Sheet, NewGen will have the option, but not the obligation, to sell to White Lion up to $ 100.0million in shares of common stock over an initial 36-month period, with the potential to increase to $ 300.0million upon substantial M&A or merger activity, and further to $ 500.0million after $ 250.0million has been drawn. On November 29, 2024, the Company appointed Tam, Chun Wa to the Company’s Board of Directors (the “Board”). Mr. Tam will serve as an independent director. In addition, Mr. Tam has been named to the Audit Committee of the Board. Following the appointment of Mr. Tam, the Board consists of five members. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation and basis of preparation The accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation. Management has prepared the accompanying consolidated financial statements and these notes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. The business combination transaction between Legacy NewGenIvf and SPAC I was accounted for as a reverse recapitalization under ASC 805, Business Combinations, with NewGenIvf Group Limited, and deemed to be the accounting