(Bloomberg) -- Holdco Nuvo Group DG Ltd. filed for bankruptcy in Delaware nearly four months after going public via a special purpose acquisition company.
The Tel Aviv-based firm, which sells monitoring devices for babies’ heart rates, filed for Chapter 11 on Thursday and intends to restructure, according to its bankruptcy petition. It listed $3.5 million in assets and $39.4 million in debt.
Teneo Capital has been retained as financial adviser and Hughes Hubbard & Reed as general bankruptcy counsel.
The merger between Nuvo and the SPAC was completed on May 1, and shares plunged a combined 75% the next two days. Nuvo closed down 28% Thursday at 27 cents.
The bankruptcy is Holdco Nuvo D.G. Ltd, 24-11881, US Bankruptcy Court for the District of Delaware.
--With assistance from Jonathan Randles.
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