TEL AVIV, Israel, September 26, 2024 -- Holdco Nuvo GroupD.G Ltd (“Nuvo”), a pioneer in remote pregnancy monitoring, filed a motion onSeptember 10, 2024 to retain Intrepid Investment Bankers (“Intrepid”) to act asits investment banker for the process of exploring and reviewing strategicalternatives as part of its ongoing Chapter 11 process pending before theUnited States Bankruptcy Court for the District of Delaware (the “BankruptcyCourt”).

“We are committed to evaluating a range of strategic optionsto maximize value for our stakeholders,” said Rice Powell, Chief ExecutiveOfficer of Nuvo. “As part of this effort, our Board of Directors has approved theretention of certain legal and financial advisors, including Intrepid, and isfocused on achieving an efficient outcome that will allow for the continueddevelopment and distribution of the Nuvo pregnancy monitoring system forpatients and providers.”

Nuvo intends to continue to manage and operate its businessunder the jurisdiction of the Bankruptcy Court and in accordance with theapplicable provisions of the Bankruptcy Code and the orders of the BankruptcyCourt. Potential alternatives, to be explored further and evaluated during thereview process, may include a plan of reorganization and investment for futuregrowth, and/or the licensing, sale or divestiture of some, or all, of thecompany's proprietary technologies.

There can be no assurance that the exploration of strategicalternatives will result in any agreements or transactions, or as to the timingof any such agreements or transactions.

About Nuvo

Nuvo is leading a transformation in pregnancy care byproviding clinicians and expectant mothers with access to medically-necessaryremote pregnancy monitoring anytime, anywhere. Nuvo’s INVU™ platform is anFDA-cleared remote pregnancy monitoring and management system. It enables thedelivery of remote non-stress tests (NSTs) and maternal and fetal heart ratemonitoring, while pioneering new data-driven personalized pathways that Nuvobelieves can improve future health outcomes. INVU is being used by leadinghealth providers and research institutions across the US and Israel. Nuvo plansto continue to expand the footprint of sales in the US and Israel and plans tointroduce its INVU platform in Europe in 2025, subject to granting of the CEmark, to provide remote access and insights not previously deemed possible.Nuvo is led by a diverse team of experienced business, medical and technologyleaders, united in the mission of breaking down barriers to pregnancy care togive every life a better beginning. For more information and completeindications, contraindications, warnings and precautions, and instructions foruse, visit www.nuvocares.com.

About Intrepid

Intrepid is a specialty investment bank focusing on M&A,capital advisory, special situation, and buy-side search services for middlemarket companies. Its entrepreneurial roots, combined with MUFG (Mitsubishi UFJFinancial Group), one of the largest financial institutions in the world,unlocks the best of both worlds for our clients: human-centric investmentbanking at a global scale. ​Ourunique culture attracts, develops, and retains the best talent in the industry.Through client-centered deal making, best-in-class market intelligence, globalcapital resources, and extensive access to acquirers and capital providers, itsbankers work tenaciously to deliver the value in each business beyondconventional metrics. For more information, visit: https://intrepidib.com/

Forward-Looking Statements

Certain statements contained in this press release may beconsidered forward-looking statements within the meaning of the U.S. PrivateSecurities Litigation Reform Act of 1995, Section 27A of the Securities Act andSection 21E of the Exchange Act. Forward-looking statements generally includestatements that are predictive in nature and depend upon or refer to futureevents or conditions, and include words such as “may,” “will,” “should,”“would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,”“project,” “intend,” and other similar expressions among others. Statementsthat are not historical facts are forward-looking statements. Forward-lookingstatements are based on current beliefs and assumptions that are subject torisks and uncertainties and are not guarantees of future performance. Actualresults could differ materially from those contained in any forward-lookingstatement as a result of various factors, including, without limitation: (i)the possibility that other anticipated benefits of the business combinationwill not be realized; (ii) changes in general economic and/or industry specificconditions; (iii) the ability of Nuvo to retain, attract and hire keypersonnel; (iv) potential adverse reactions or changes to relationships withcustomers, employees, suppliers or other parties resulting from the completionof the business combination; (v) legislative, regulatory and economicdevelopments; (vi) unpredictability and severity of catastrophic events,including, but not limited to, acts of terrorism, outbreak of war orhostilities and any epidemic, pandemic or disease outbreak (includingCOVID-19), as well as management’s response to any of the aforementionedfactors; and (vii) other risk factors as detailed in the registration statement(File No: 333-274803) on Form F-4 filed by Nuvo with the SEC in connection withthe business combination and the prospectus/proxy statement contained therein,as well as those risk factors detailed from time to time in Nuvo’s reportsfiled with the SEC, including its Annual Report on Form 20-F and otherdocuments filed with the SEC. The foregoing list of important factors is notexhaustive. Except as required by applicable law, Nuvo does not undertake anyobligation to revise or update any forward-looking statement, or to make anyother forward-looking statements, whether as a result of new information,future events or otherwise.

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