Deep Medicine Acquisition Corp. Confirms Funding to Extend Period to Consummate Initial Business Combination
Deep Medicine Acquisition Corp. (Nasdaq: DMAQ) announced a $1,265,000 deposit into its trust account, providing $0.10 per public share. This deposit allows for a three-month extension of its deadline to complete an initial business combination, moving the date from October 29, 2022, to January 29, 2023. This is the first of two possible three-month extensions permitted under company bylaws. Established to pursue mergers and acquisitions, DMAQ's stock began trading in October 2021, and operates under the ticker DMAQ.
- Successful deposit of $1,265,000 into the trust account, providing liquidity for public shareholders.
- Extension of initial business combination period by three months, allowing more time for potential deals.
- Uncertainty about successful business combination remains, as the extension indicates challenges in finding suitable targets.
New York, NY, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Deep Medicine Acquisition Corp. (Nasdaq: DMAQ) (the “Company”), announced today that an aggregate of
About Deep Medicine Acquisition Corp.
DMAQ is a special purpose acquisition company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. DMAQ began trading on the Nasdaq in October 2021, and its common stock and rights are traded under the ticker symbols DMAQ and DMAQR, respectively.
Cautionary Note Regarding Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Humphrey Polanen, Chief Executive Officer
Deep Medicine Acquisition Corp.
595 Madison Avenue, 12th Floor
New York, NY 10017
ir@dmaq-spac.com
Telephone: (917) 289-2776
FAQ
What is the purpose of Deep Medicine Acquisition Corp.'s recent $1.265 million deposit?
How does the extension affect DMAQ's timeline for a business combination?
What is the significance of the $0.10 per public share amount in the deposit?
How long can DMAQ extend its deadline for business combination?
When did DMAQ begin trading and under what ticker symbol?
