Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 155

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 155
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4, the Company announced the execution of a non-binding
term sheet (the “ Term Sheet”) regarding a proposed reverse merger (the “ Proposed Transaction”) with pharmaceutical
company COVIRIX Medical Pty Ltd (“ COVIRIX”). The consideration was to be settled by way of the issuance of issue102,890,000of its ordinary shares to the shareholder(s) of COVIRIX or their respective nominees (the “ COVIRIX Shareholders”) in exchange
for100% equity interest of COVIRIX, at a deemed price per share of US$6, representing an aggregate amount of US$617,340,000. Simultaneously,
it is proposed that COVIRIX undertakes to introduce investors to raise US$6million at US$6per share for NIVF, in a form mutually acceptable
to both NewGen and COVIRIX. Following stockholder approval of the Proposed Transaction, COVIRIX Shareholders are expected to hold approximately85.8% equity interest in NewGen. However, on September 21, 2024, COVIRIX withdrew from the Proposed Transaction, as such the Proposed
Transaction was terminated with no cost to the Company.

On August 7, 2024, the Company
entered into a Securities Purchase Agreement with certain investors named therein (collectively, the “ Buyers”), pursuant to
which, amongst other things: (i) the Company agreed to sell, at an initial closing with JAK Opportunities VI LLC (“ JAK” and
such initial closing, the “ Initial Closing”), pursuant to which the Company agreed to sell to JAK (a) a senior convertible
note (the “ Initial Note”) in the aggregate original principal amount not exceeding $1,100,000), and which terms are further
set forth below under the subheading “(ii) Initial Closing with JAK”), (b) a warrant to purchase1,325,301Class A Ordinary
Shares of the Company, no par value (“ Class A Shares” and such warrant, the Series A Warrant), and (c) a warrant to purchase180,722Class B Ordinary Shares of the Company, no par value (“ Class B Shares” and such warrant, the Series B Warrant, and
the Series B Warrants, together with the Series A Warrants, the “ Warrants”); and (ii) the Company may require each Buyer (or
each Buyer may require the Company, as applicable) to participate in the sale of