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.
Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...