Deep Medicine (DMAQ) Closes TruGolf Deal
by Marlena Haddad on 2024-01-31 at 5:13pm

Deep Medicine (NASDAQ:DMAQ) has closed its combination with golf simulator company TruGolf and will begin trading on The Nasdaq under the new ticker symbol “TRUG” on February 1.

The deal and all other proposals were previously approved by shareholders at a special meeting held on January 19.

In connection with the vote, shareholders of 378,744 DMAQ’s public shares opted to redeem their shares. Including prior votes, DMAQ shareholders redeemed an aggregate of 98.5% of the trust, leaving the SPAC with $2,254,230 and 196,020 shares remaining.

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.

TruGolf’s current management team will continue to lead the combined company following the closing.


ADVISORS

  • I-Bankers Securities, Inc. acted as sole bookrunner for the DMAQ IPO and served as financial advisor to DMAQ.
  • ArentFox Schiff LLP and Sichenzia Ross Ference Carmel LLP served as counsel to TruGolf.
  • Ellenoff Grossman & Schole LLP served as counsel to DMAQ.
Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved