Nuvo Group, an Israel-based medical technology company, has announced its intention to merge LAMF Global Ventures Corp I, a special purpose acquisition company (SPAC), at a pre-money equity valuation of $269m.

In this connection, the parties have entered into a non-binding letter of intent (LOI). The proposed business combination will help Nuvo Group become listed on the Nasdaq.

The pre-money equity valuation excludes a seller earnout of around $31m.

Nuvo has developed a remote pregnancy monitoring platform called INVU by Nuvo, which has been cleared by the US Food and Drug Administration (FDA).

The prescription-initiated platform is designed to enable the delivery of remote non-stress tests (NSTs) and maternal and fetal heart rate monitoring. This aids expectant parents in complying with their prescribed care plan.

Nuvo CEO Kelly Londy said: “Listing as a publicly traded company would enable increased growth opportunities for Nuvo.

“The enhanced access to capital if the business combination is consummated would allow us to accelerate our plans to scale and grow our product offering and geographic reach at a time when pregnant mothers and clinicians need it the most.”

INVU has two clearances from the FDA. The remote pregnancy monitoring platform facilitates a connected care experience between expectant parents and the obstetrician care team. This is achieved by moving the point-of-care to the expectant mom for enabling access to care from anywhere.

Jeffrey Soros, chairman of LAMF, and 10X Capital’s affiliates have agreed to make an investment in Nuvo in connection with the signing of a definitive agreement.

Soros and LAMF CEO Simon Horsman said: “LAMF is thrilled to be pursuing a business combination with Nuvo, a company poised to significantly improve prenatal care through at-home, remote monitoring of pregnancy.

“Given the demonstrable benefits of the technology with respect to pregnancy care, we believe that the demand from doctors and expectant families to have access to the monitoring platform will be high.”

The proposed merger is anticipated to close during the latter half of this year. It will be subject to the execution of the definitive agreements as planned and the following shareholders’ approvals, regulatory approvals, and other conditions.