Deep Medicine Acquisition announced it has received approval to transfer the listing of its securities from the nasdaq Global Market to the Nasdaq Capital Market, effective today. The company's Class A common stock and rights will continue to trade under DMAQ and DMAQR.
The transfer follows a January notice from the Nasdaq that Deep Medicine could no longer list on the Global exchange because redemptions had pulled the SPAC below the minimum 1.1 million shares required for a listing.
Deep Medicine raised $110 million in an October 2021 ipo with stated plans at that time to focus on targets in the healthcare industry with an enterprise value of approximately $500 million to $1 billion.
The SPAC last September terminated a merger agreement with China-based Chijet Motor Company less than three months after the deal was announced. No reason was given, although the SPAC had twice extended the time period for its due diligence on the EV automaker. Read more.