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Deep Medicine Acquisition Corp. (DMAQ) announced a definitive agreement with Chijet Motor Company, valuing its operating companies at $2.55 billion. The transaction aims to facilitate Chijet's public listing and accelerate the development of electric vehicles (EVs). Expected net proceeds of approximately $127.8 million will support production capacity and R&D. Chijet operates over 300 dealerships in Southeast Asia and intends to leverage its existing infrastructure to enhance sales of both EVs and traditional vehicles.
Deep Medicine Acquisition Corp. (Nasdaq: DMAQU) will separate its trading units on December 2, 2021, when Class A common stock and rights will begin trading independently on the Nasdaq Global Market as DMAQ and DMAQR, respectively.
This mandatory separation means unit holders will automatically receive shares of Class A common stock and rights without any action required. Each unit comprises one share of Class A common stock and a right to one-tenth of a share upon an initial business combination.
Deep Medicine Acquisition Corp. (Nasdaq: DMAQU) has successfully closed its upsized initial public offering, raising gross proceeds of $126,500,000 through the sale of 12,650,000 units, each priced at $10.00. The offering included 1,650,000 units from the underwriters' overallotment option. Trading of these units commenced on October 27, 2021, on Nasdaq. Currently, $127,765,000 of the proceeds is placed in trust, with additional details to be provided in a forthcoming Current Report. Deep Medicine aims to pursue business combinations primarily in the healthcare sector.
Deep Medicine Acquisition Corp. announced the pricing of its upsized initial public offering of 11,000,000 units at $10.00 per unit. The units, which consist of one share of Class A common stock and a right to receive one-tenth of a share, will trade on Nasdaq under the ticker symbol DMAQU starting October 27, 2021. Additionally, underwriters have the option to purchase up to 1,650,000 additional units for overallotments. The offering is set to close on October 29, 2021, subject to customary conditions.
