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.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...