Deep Medicine Acquisition in a proxy filing seeks a deadline extension from July 29 to Jan. 29, 2024 to close its propsoed merger with TruGolf, a golf simulator manufacturer and distributor. Announced in April, the deal has an implied enterprise value for TruGolf of $125 million. The amount includes up to approximately $45 million of contingent consideration if certain milestones are met.
The target manufactures and sells a line of golf simulator equipment, including software and hardware, and is currently developing a new line of next-generation golf simulator products that aims to revolutionize the virtual golf experience, according to a press release announcing the deal.
Assuming no redemptions, the combined company is expected to have a total pro forma equity value of approximately $134.1 million.
TruGolf expects to use the transaction proceeds to fund the development and production of its software and hardware business, with sales expected to increase as its new generation software and hardware is launched. The company also plans to use a portion of the proceeds to expand its manufacturing capabilities in Salt Lake City.
Deep Medicine in September terminated a merger agreement with China-based Chijet Motor Company, which recently went public via another SPAC, Jupiter Wellness.
The SPAC raised $110 million in an October 2021 IPO with initial plans to focus on targets in the healthcare industry. Read more.
