Deep Medicine Acquisition in an 8-K said it has terminated a merger agreement with China-based Chijet Motor Company. No reason was given in the regulatory filing, although the SPAC had twice extended the time period for its due diligence on the EV automaker. The deal was announced less than three months ago.
Deep Medicine has about $128 million in trust. The Chijet deal had a minimum $10 million cash condition for closing.
The SPAC noted in the filing that it is not obligated to pay any penalties as a result of the termination.
Although Deep Medicine’s merger deadline is October, the SPAC can extend the deadline by another six months. Read more.
