- Business
- 99 Acquisition Group Inc. 99 Acquisition Group Inc. is a blank check company focused on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, primarily targeting the real estate industry including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, as well as adjacent businesses and technologies with an aggregate enterprise value of approximately $80 million to $160 million; its securities structure includes units comprising Class A common stock, redeemable warrants exercisable at $11.50 per share, and rights entitling holders to one-fifth of one Class A share upon business combination completion, with warrants trading under NNAGW. Founded in 2022 and headquartered in Gaithersburg, Maryland, the company, led by CEO Hiren Patel with over 20 years of real estate experience, completed a downsized initial public offering in August 2023 raising $75 million through 7.5 million units at $10.00 each, underwritten by EF Hutton, followed by separation of trading for its Class A common stock (NNAG), warrants (NNAGW), rights (NNAGR), and intact units (NNAGU) on Nasdaq in October 2023. In February 2024, it announced a definitive merger agreement to acquire 100% of Nava Health MD, Inc., a tech-enabled healthcare provider of integrative, functional, preventative, and regenerative medicine with 2023 revenues up 81% and plans for national expansion, valuing Nava Health at a potential $320 million equity value and expecting to rename the combined entity Nava Health MD, Inc., however the company declared in September 2024 that it could not complete the transaction, opting instead to dissolve and liquidate around September 13, 2024, redeeming all public shares at approximately $10.55 per share.