Deep Medicine Acquisition called a Jan. 19 meeting for shareholders to vote on the proposed merger with TruGolf, a golf simulator manufacturer and distributor with headquarters in Salt Lake City. The SEc approved the registration statement on the deal late last month.
The deal values TruGolf at an $80 million equity value and is expected to close by the end of this month, subject to shareholder approvals and other closing conditions.
National Golf Foundation reported an estimated 6.2 million Americans hit golf balls in a simulator within the past year, a figure that has surged by 73% in comparison to 2019,” said Lindsay Jones, TruGolf’s CFO. “The combination with DMAQ provides immediate access to the growth capital required to leverage this growth, while helping fuel the marketing efforts surrounding the release of our newest hardware and software, which will be in full display at the PGA Show in Orlando on January 23-26.”
Deep Medicine has a Jan. 29 deadline to close the deal. The SPAC raised $110 million in an October 2021 IPO with initial plans to focus on targets in the healthcare industry. Read more.
