Deep Medicine (DMAQ) Terminates Chijet Motor Company Deal
by Marlena Haddad on 2022-09-30 at 9:06am

Deep Medicine (NASDAQ:DMAQ) announced this morning that it has terminated its $2.5 billion combination with Chinese carmaker Chijet.

Deep Medicine’s move comes after it made two amendments to the deal to extend the due diligence period. The first amendment was made on September 6, to extend Chijet’s due diligence period until September 20, in an effort to review the company’s operations and complete its own valuation of the Chinese carmaker. On September 16, the parties entered into the second amendment to extend the diligence expiration date until September 30. However, on September 26, Deep Medicine sent Chijet a termination notice.

The deal included a minimum cash condition of at least $10 million. Deep Medicine brought about $127.8 million from its current trust into the deal and did not supplement this with a PIPE.

Deep Medicine and Chijet mark the 45th deal to be terminated this year. The SPAC will not be obligated to pay any penalties pursuant to the terms of the business combination agreement as a result of the termination.

Deep Medicine initially announced its definitive agreement to combine with Chijet just a few months ago on July 13, 2022. Chijit currently sells a line of gasoline-fueled SUVs and trucks in China and Southeast Asia and is working to build a production facility for a new line of EVs.

 

Deep Medicine (DMAQ) Terminates Chijet Motor Company Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

by Nicholas Alan Clayton on 2025-07-01 at 7:19pm

1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...

by Nicholas Alan Clayton on 2025-07-01 at 3:49pm

D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...

by Nicholas Alan Clayton on 2025-07-01 at 11:33am

Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved