DMAQ - Chinese automaker Chijet SPAC DMAQ to merge; deal values combined company at $2.55B

Chinese automaker Chijet Motor Company plans to go public through a merger with SPAC Deep Medicine Acquisition Corp. ( NASDAQ: DMAQ ) that pegs the implied enterprise value of the combined company at around $2.55B.

The deal, which is slated to close in Q4, is expected to generate net proceeds of up to $128M for the combined company, assuming no redemptions by DMAQ shareholders.

Chijet is a maker of EV and gas-powered vehicles for the Chinese and Southeast Asian markets, producing around 240K vehicles annually. The company is also partnered with Chinese auto giant FAW Group through a subsidiary called FAW Jilin Automobile Co.

After the closing, shares of the combined company are expected to trade on Nasdaq. Chijet plans to raise additional capital after the merger to help fund production expansion and development of EV new models.

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