TruGolf (Nasdaq: TRUG) and Deep Medicine Acquisition announced that their business combination has closed. The combined public company was renamed TruGolf Holdings.
TruGolf begins trading today on the Nasdaq.
TruGolf 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.
To celebrate completion of the deal, TruGolf will lead the closing bell ceremony at the Nasdaq Stock Market on Feb. 9.
Redemptions of 378,744 shares at $11.50 each removed almost $4.4 million from the SPAC’s trust ahead of a shareholder vote on the merger earlier this month. Overall, during its run Deep Medicine sustained redemptions of nearly 99%. That left the company with just under $2.3 million.
However, Deep Medicine had $11 million in PIPE commitments to support the deal, which had a $10 million minimum cash condition to close.
The SPAC raised $110 million in an October 2021 IPO with initial plans to focus on targets in the healthcare industry with an enterprise value of approximately $500 million to $1 billion.
I-Bankers Securities was sole bookrunner for the DMAQ IPO and served as financial advisor to DMAQ. ArentFox Schiff and Sichenzia Ross Ference Carmel served as counsel to TruGolf. Ellenoff Grossman & Schole served as counsel to DMAQ. Read more.
