SPACInsider Logo
Deep Medicine (DMAQ) Terminates Chijet Motor Company Deal
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.

 

Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved