DMAQ - SPAC Deep Medicine to merge with golf simulation company TruGolf

2023-04-04 18:17:53 ET

SPAC Deep Medicine Acquisition Corp. ( NASDAQ: DMAQ ) , which terminated a merger with Chinese automaker Chijet last year, said it now plans to combine with golf simulation company TruGolf (TRUG).

Deep Medicine said the deal estimates TruGolf's enterprise value at up to $125M, of which around $45M is contingent upon TruGolf achieving certain milestones. The deal is expected to close in Q3, after which shares of the combined company would trade on Nasdaq under the symbol TRUG.

Based in Salt Lake City, TruGolf is a developer, manufacturer and marketer of golf simulation hardware and software. The company plans to use proceeds from the deal in part for product development and expansion of its manufacturing capabilities, according to an SEC filing.

Deep Medicine had been slated to merge with Chijet through a deal that originally estimated the enterprise value of the combined company at around $2.55B. The deal was terminated in September 2022.

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