Deep Medicine (DMAQ) Closes TruGolf Deal

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.