Deep Medicine (NASDAQ:DMAQ) announced this afternoon that its shareholders approved its combination with golf simulator company TruGolf during a special meeting on January 19.
At the meeting, holders of 3,952,979 shares of DMAQ’s Class A common stock were present, constituting a quorum. The deal was overwhelmingly approved as holders of 3,933,438 shares voted in favor of the proposal, while holders of 18,838 shares pushed back against the combination.
In connection with the vote, shareholders of 378,744 DMAQ’s public shares opted to redeem their shares. DMAQ shareholders have redeemed an aggregate of 98.5% of the trust thus far (including prior votes), leaving the SPAC with $2,254,230 and 196,020 shares remaining.
The parties did not provide a timeline for the closing of the deal, but expect to complete it upon satisfaction or waiver of all the closing conditions, including approval to list on The Nasdaq. Upon closing, the combined company is expected to trade on the Nasdaq under the symbol “TRUG”.
The SPAC also has a minimum cash condition of at least $10 million, This amount is calculated after accounting for any redemptions and payment of amounts owed to DMAQ’s sponsor and its affiliates but before settling any unpaid expenses or liabilities, with a cap of $1.6 million.
Deep Medicine announced its $125 million deal with TruGolf in April 2023. It previously planned to combine with Chinese carmaker Chijet, but the deal was terminated in September 2022. Centerville, Utah-based TruGolf manufactures advanced golf simulators and launch monitors for both home entertainment and commercial uses.
YHN I (NASDAQ:DTSQU) has filed for a $60 million IPO today and brought with it a number of questions, chief among them: who is their underwriter? This is the first entry into SPAC underwriting for Lucid Capital Markets, a firm that does not appear to have a web presence or much of an existing reputation...
WinVest (NASDAQ:WINV) has entered into a definitive agreement to combine with ecommerce platform Xtribe at an equity value of $141 million. London-based Xtribe provides an ecommerce and ad-targeting marketplace connecting buyers and sellers in their local areas. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024....
At the SPAC of Dawn The long drought of new SPAC deals broke yesterday evening with WinVest‘s (NASDAQ:WINV) announcement of a $141 million ecommerce deal. It came exactly one month after the last deal, Blockchain Coinvestors‘ (NASDAQ:BCSA) announced tie-up with fintech Linqto. Before this, the SPAC market had scarcely gone two weeks without a fresh...
Thunder Bridge Capital Partners IV (NASDAQ:THCP) this week announced it believes it is nearing an SEC approval for its combination with Japanese crypto market place Coincheck, enough so that it aims to make it file its first public registration statement after previously filing them confidentially. Progress on the deal is surely welcome as it is...
At the SPAC of Dawn With the pricing of GP-Act III (NASDAQ:GPATU) this morning, May has already become the second most productive month for SPAC IPOs with two. February saw three get through, but the pair of May SPAC IPOs is encouraging both because they come just nine days into the month and follow a...