99 Acquisition Group, Nava Health enter merger agreement

Nava Health MD and 99 Acquisition Group have entered into a definitive merger agreement. Upon closing the proposed transaction, 99 Acquisition will be renamed Nava Health MD, Inc. and expects to remain listed on the Nasdaq Stock Market. Nava Health uses AI-powered technology, proprietary data and automation to drive the continuous optimization of Nava Health’s backend systems, front end client support and medical outcomes. Nava Health’s Customized Vitality Plans factor in medical history, proprietary Q&A data and advanced diagnostics to generate personalized treatment plans, reducing manual workload and empowering patients. Nava Health’s revenue has grown from $6.7 million in 2021 to approximately $24.8 million in 2023. The revenue for 2023 grew approximately 81% when compared to 2022 revenue, with Adjusted EBITDA growth of approximately 173% in 2023. Additionally, Nava Health saw an approximate 62% increase in total appointments in 2023, with an approximate 12% increase in revenue per appointment. 99 Acquisition has entered into a Merger Agreement with Nava Health, dated February 12, 2024, pursuant to which 99 Acquisition will acquire 100% of the equity securities of Nava Health, with Nava Health becoming a wholly-owned subsidiary of 99 Acquisition. In exchange for their equity securities, the shareholders of Nava Health will receive an aggregate number of shares of common stock of 99 Acquisition having a total value equal to $320 million at the closing of the proposed transaction. The proposed transaction has been approved by the boards of directors of Nava Health and 99 Acquisition. The proposed transaction is subject to approval by the stockholders of 99 Acquisition and the shareholders of Nava Health, as well as the satisfaction or waiver of other customary closing conditions, including a registration statement on Form S-4 containing a proxy statement/prospectus being filed with and declared effective by the U.S. Securities and Exchange Commission. Any cash remaining on the combined company’s balance sheet at the closing of the proposed transaction, after any potential shareholder redemptions and the settlement of transaction-related expenses, is expected to be utilized by the combined company for working capital, growth, and other general corporate purposes. The proposed transaction is expected to be completed in the second quarter of 2024.