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.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...