Company: NIVFW
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001213900-25-079717
Chunk: 200

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-22
Form: DRS
Chunk 200
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daq”) notifying
the Company of its non-compliance with two (2) listing requirements for continued listing on Nasdaq pursuant to Nasdaq Listing Rules.
On November 21, 2024, a delisting notice was received from the continued non-compliance. The Company had filed to appeal the delisting
determination and undertook several strategic actions to regain compliance with Nasdaq’s listing require. On February 27, 2025.
received approval for the transfer the Company’s securities from the Nasdaq Global Market to the Nasdaq Capital Market and on March
10, 2025 its compliance with the listing requirements thereof.

On June 3, 2024, 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 102,890,000 (pre Reverse Stock Splits) of its ordinary shares to the shareholder(s) of COVIRIX or their respective
nominees (the “COVIRIX Shareholders”) in exchange for 100% 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$6 million at US$6 per 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 approximately 85.8% 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 of $1,100,000,