Deep Medicine Acquisition and TruGolf Complete Business Combination

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 commitments to support the deal, which had a $10 million minimum cash condition to close.

The SPAC raised $110 million in an October 2021 with initial plans to focus on targets in the industry with an enterprise value of approximately $500 million to $1 billion.

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Source: Deep Medicine Acquisition and TruGolf Complete Business Combination