NewGenIvf Group (NIVF) said Monday it and European Wellness Investment Holdings have appointed legal counsel to prepare the stock buyback agreement for their previously announced reverse merger.
The companies, with mutual consent, extended the signing date for the agreement to Feb. 28 from Jan. 27, the fertility services provider added.
NewGenIvf and European Wellness Investment struck a binding term sheet on Dec. 11 for NewGenIvf to issue 141.3 million of its ordinary shares in exchange for 100% equity ownership of European Wellness for $3.20 a share.
Shares of the company rose 12% in recent Monday premarket activity.
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