Deep Medicine Acquisition Corp. - DMAQR STOCK NEWS

TruGolf, Inc. and Deep Medicine Acquisition Corp. (DMAQ) have announced that the U.S. Securities and Exchange Commission has declared effective the registration statement on Form S-4 related to their business combination. The National Golf Foundation reported a surge in simulator golf participation, which TruGolf aims to capitalize on with the growth capital from the combination. The Business Combination values TruGolf at an $80 million equity value and is expected to close by the end of January 2024, subject to shareholder approvals and other closing conditions.

Deep Medicine Acquisition Corp. (DMAQ) filed a registration statement with the SEC for the proposed business combination with TruGolf, Inc. The Registration Statement contains a preliminary proxy statement/prospectus and provides important information for shareholders.

TruGolf, Inc. is set to become a public company through a merger with Deep Medicine Acquisition Corp., valuing TruGolf at an implied enterprise value of $125 million. This business combination aims to enhance TruGolf's software and manufacturing capabilities in the golf simulator industry. The transaction, which includes up to $45 million in contingent consideration, will allow TruGolf to accelerate product development and expand manufacturing in Salt Lake City. The merger is expected to close by the end of Q3 2023, transforming DMAQ into TruGolf, Inc., with shares trading under the symbol TRUG.

Deep Medicine Acquisition Corp. (Nasdaq: DMAQ) announced the approval from Nasdaq to transfer its securities listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective February 17, 2023. This decision follows a January 22 notification from Nasdaq regarding non-compliance with the minimum requirement of 1,100,000 publicly held shares. With this transfer, the company resolves its deficiency while maintaining its stock symbols DMAQ and DMAQR. Deep Medicine Acquisition Corp. aims to engage in mergers and business combinations since its inception in October 2021.