12:14 PM EDT, 03/31/2025 (MT Newswires) -- NewGenIvf Group ( NIVF ) terminated a binding term sheet with European Wellness Investment Holdings for a reverse merger.

European Wellness didn't meet the deadline to provide draft audited financial statements for 2023 and 2024, NewGenIvf ( NIVF ) said Monday in a statement.

The companies agreed to the binding term sheet on Dec. 11 with European Wellness planning to acquire almost 62% of NewGen. The $452 million transaction valued NewGenIvf ( NIVF ) stock at $3.20 a share.

European Wellness didn't immediately respond to a request for comment from MT Newswires.

Shares of NewGenIvf ( NIVF ) fell 34% in recent Monday trading.

Price: 0.61, Change: -0.33, Percent Change: -33.80