Deep Medicine Acquisition in an 8-K said it executed a loan agreement with Greentree Financial Group and Finuvia, which are also PIPE investors in the SPAC’s pending acquisition of TruGolf.
Deep Medicine will issue the PIPE Investors up to $8 million in convertible notes, plus warrants to purchase 727,273 shares of Class A stock.
The loan agreement would provide funding across three tranches.
TruGolf post-merger will issue to the PIPE Investors the warrants to purchase 727,273 shares of Class A stock at $13 per share.
Announced in March, the TruGolf 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.
Deep Medicine has until Jan. 29 to close the deal. Read more.
