LAMF Global Ventures Corp. I (NASDAQ: LGVC) is experiencing a significant upswing of 91.46% in the US market, presently trading at $20.62. This positive trajectory in the pre-market session is directly linked to advancements in a business consolidation endeavor.

LAMF Global Ventures (LGVC) disclosed that its shareholders have endorsed the previously announced amalgamation during an extraordinary general meeting convened on April 1, 2024.

The merger pact was established among LAMF, Nuvo Group—an FDA-cleared remote pregnancy monitoring platform—Holdco Nuvo Group D.G Ltd., a limited liability entity formed under the laws of the State of Israel, Nuvo Assetco Corp., a Cayman Islands exempted corporation and wholly owned subsidiary of Holdco, and H.F.N Insight Merger Company Ltd., a limited liability entity organized under the laws of the State of Israel and wholly owned subsidiary of LAMF.

Shareholders representing more than 93.4% of the issued and outstanding Class A ordinary shares of LAMF, with a par value of $0.0001 per share, voted in favor of the proposal regarding the business combination during the Extraordinary General Meeting. Additionally, LAMF shareholders ratified the proposal concerning the adoption of the merger plan, as presented during the Extraordinary General Meeting.

During the Extraordinary General Meeting, shareholders holding a collective total of 2,913,194 LAMF Class A Ordinary Shares exercised their prerogative to redeem their shares at approximately $11.03 per share from the funds housed in LAMF’s trust account. Following the fulfillment of such redemptions, approximately $434,982 in cash remained in the trust account. Post-redemptions, roughly 39,422 LAMF Class A Ordinary Shares are poised to remain outstanding.

Upon the completion of the transaction, which the involved parties are diligently working to execute at the earliest opportunity, the unified entity will function under the banner of Holdco and is anticipated to be listed on Nasdaq under the ticker symbol “NUVO,” with warrants designated under the ticker symbol “NUVOW.”