Deep Medicine (DMAQ) Closes TruGolf Deal
by Marlena Haddad on 2024-01-31 at 5:13pm

Deep Medicine (NASDAQ:DMAQ) has closed its combination with golf simulator company TruGolf and will begin trading on The Nasdaq under the new ticker symbol “TRUG” on February 1.

The deal and all other proposals were previously approved by shareholders at a special meeting held on January 19.

In connection with the vote, shareholders of 378,744 DMAQ’s public shares opted to redeem their shares. Including prior votes, DMAQ shareholders redeemed an aggregate of 98.5% of the trust, leaving the SPAC with $2,254,230 and 196,020 shares remaining.

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.

TruGolf’s current management team will continue to lead the combined company following the closing.


ADVISORS

  • I-Bankers Securities, Inc. acted as sole bookrunner for the DMAQ IPO and served as financial advisor to DMAQ.
  • ArentFox Schiff LLP and Sichenzia Ross Ference Carmel LLP served as counsel to TruGolf.
  • Ellenoff Grossman & Schole LLP served as counsel to DMAQ.
Recent Posts
by Nicholas Alan Clayton on 2024-03-04 at 1:43pm

Deals and Funding Power & Digital II (NASDAQ:XPDB) has expanded the PIPE for its combination with Montana Technologies to about $50 million in commitments led by Carrier (NYSE:CARR) and Rice Investment Group. Blue World (NASDAQ:BWAQ) has amended its combination with TOYO Solar to reflect that it has been restructured under new ownership. Entities called WAG,...

by Nicholas Alan Clayton on 2024-03-04 at 7:43am

At the SPAC of Dawn The first full week of March comes with a bevy of votes as SPACs investors will be asked to help complete nine deals and extend seven other SPACs’ transaction timelines. Two SPACs are set to come off the board today, however, as Revelstone (NASDAQ:RCAC) and Vector II (NASDAQ:VAQC) commence their...

by Anthony Sozzi on 2024-03-02 at 11:58am

Contributions to trust are typically expected from sponsors looking to retain as much of the trust account as possible that need additional time to complete business combinations. With “time to complete” steadily increasing over the past months, redemptions from the trust account do not look to be slowing down, regardless of what SPAC teams do...

by Kristi Marvin on 2024-03-02 at 11:45am

Terms Tracker for the Week Ending March 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The last week of February turned out to be a sluggish one with not a lot happening on the new issuance front. Once again, there...

by Nicholas Alan Clayton on 2024-03-01 at 1:28pm

News and Rumors Bloomberg: Digital World (NASDAQ:DWAC) and its target Trump Media and Technology Group (TMTG) were hit by a new wave of legal headaches this week as both the founders of its Truth Social platform and Digital World CEO Patrick Orlando filed lawsuits over the deal’s closing share allocations. One of the suits has...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved