Deep Medicine Acquisition in an 8-K disclosed results that shareholders overwhelmingly approved a business combination with TruGolf, a golf simulator company.

Redemptions of 378,744 shares at $11.50 each will remove almost $4.4 million from the SPAC's trust. To date, Deep Medicine has sustained redemptions of nearly 99%, leaving the company with just under $2.3 million.

There is a $10 million minimum cash condition to close.

Deep Medicine said it expects to complete the merger as soon as all conditions have been met, including gaining approval for a Nasdaq listing. The SPAC has a Jan. 29 deadline.

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. The company is based in Salt Lake City. 

The deal was announced in April last year at an enterprise value of $125 million.

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

Source: Deep Medicine Shareholders Approve TruGolf Merger