Deep Medicine Acquisition Corp. Announces Upcoming Automatic Unit Separation

Rhea-AI Summary

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.

Positive

• Mandatory unit separation could enhance liquidity and clarify trading for investors.
• Focus on healthcare targets with a substantial enterprise value of $500 million to $1 billion indicates potential for significant mergers and acquisitions.

Negative

• The separation of units might create confusion for recent unit purchasers regarding their rights.
• The reliance on forward-looking statements carries inherent risks, as results may differ due to unpredictable market conditions.

New York, NY, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Deep Medicine Acquisition Corp. (Nasdaq: DMAQU) (the “Company”) announced today that, on December 2, 2021, the Company’s units will no longer trade, and that shares of the Company’s Class A common stock and rights, which together comprise the units will commence trading separately. The Class A common stock and rights will be listed on the Nasdaq Global Market and trade with the ticker symbols “DMAQ” and “DMAQR,” respectively. This is a mandatory and automatic separation, and no action is required by the holders of units.

Each unit consists of one share of Class A common stock and one right to receive one-tenth of one share of Class A common stock upon the consummation of the Company’s initial business combination. In the separation, unit owners will receive shares of Class A common stock underlying their units and rights underlying such units.

Purchases of units that are made after market close on November 30, 2021, may not settle prior to the unit separation date and, accordingly, the number of rights issued to such purchasers may not reflect the rights underlying such recently purchased units.

About Deep Medicine Acquisition Corp.

Deep Medicine Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus its search on targets in the healthcare industry with an enterprise value of approximately $500 million to $1 billion.

Forward-Looking Statements 

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are statements that are not historical facts. 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 Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. 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

Weixuan Luo
Deep Medicine Acquisition Corp.
595 Madison Avenue, 12th Floor
New York, NY 10017
Telephone: (917) 289-2776 

FAQ

What is the upcoming trading change for Deep Medicine Acquisition Corp. (DMAQU)?

On December 2, 2021, DMAQU units will separate into Class A common stock (DMAQ) and rights (DMAQR) trading independently.

What do DMAQU unit holders need to do during the separation?

DMAQU unit holders do not need to take any action, as the separation is automatic.

What does each unit of Deep Medicine Acquisition Corp. consist of?

Each unit comprises one share of Class A common stock and one right to receive one-tenth of a share upon the initial business combination.

What is the strategic focus of Deep Medicine Acquisition Corp.?

The company aims to identify target businesses in the healthcare sector with an enterprise value between $500 million and $1 billion.

What should investors be aware of regarding forward-looking statements in the release?

Investors should note that forward-looking statements are subject to risks and uncertainties that may affect actual results.