Deep Medicine Acquisition Corp. (DMAQ) Shareholders Approve TruGolf Deal
by Marlena Haddad on 2024-01-25 at 5:54pm

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.

Recent Posts
by Nicholas Alan Clayton on 2025-02-12 at 10:44am

Nabors Energy Transition Corp. II (NASDAQ:NETD) has signed a definitive agreement to combine with energy management firm e2Companies at an enterprise value of $770 million, or 26.8x its 2024 revenue. Bonita Springs, Florida-based e2 produces smart generators that electrify off-grid sites and provide power optimizing services to reduce energy costs at high-demand locations. The combined...

by Kristi Marvin on 2025-02-12 at 7:47am

In this special follow-up edition of the SPACInsider Podcast, we check back in with Dimitre Genov, Ed Kovary, and Nick Skibo, who last joined us at the end of Q3 2024, to assess the state of the SPAC market in 2025 and the key dynamics shaping the landscape. Our panel brings together perspectives from across...

by Nicholas Alan Clayton on 2025-02-11 at 4:36pm

Texas Ventures Acquisition III Corp. (NASDAQ:TVACU) became the third SPAC to file for an IPO with Cohen & Company in a row Monday morning, but it has some distinct differences from its cousin SPACs on terms. While Cohen’s other recent pair Real Asset Acquisition Corp. (NASDAQ:RAAQU) and Digital Asset Acquisition Corp. (NASDAQ:DAAQU) have initially asked...

by Nicholas Alan Clayton on 2025-02-11 at 4:22pm

At the SPAC of Dawn  Things are heating up with two more SPACs filing for IPOs, ballooning the past week’s total to six. These new filings include Cohen & Company’s fourth new S-1 filed as left lead underwriter in 2025 (five overall) and D Boral’s first of the year. These are paired in the news...

by Nicholas Alan Clayton on 2025-02-11 at 8:20am

At the SPAC of Dawn  Companies going public in SPAC mergers have gotten used to dips in stock price of some magnitude or another when their transactions close, but only recently have they attempted to be proactive in setting the narrative during such times. Retail technology firm Alpha Modus (NASDAQ:AMOD) recently put out an aggressive...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved