Deep Medicine Acquisition (NASDAQ:DMAQ) stock is climbing higher on Wednesday after the special purpose acquisition company (SPAC) provided an update on its merger plans.
This news is connected to the SPAC’s plans for a business combination that will see it take TruGolf public. According to the filing, it has reached an agreement with Bright Vision Sponsor LLC and certain third parties.
That agreement covers the transfer of shares sold during the Deep Medicine Acquisition’s initial public offering (IPO). The agreement will see six third parties transfer 514,773 shares of DMAQ stock back at the time of the combination. Bright Vision Sponsor has also agreed to transfer back 185,179 shares at that time.
DMAQ Stock SPAC Merger
Deep Medicine Acquisition is looking to take TruGolf public in a deal that would value the combined company at $125 million. That would see Deep Medicine Acquisition change its name to TruGolf while also switching its ticker over to TRUG.
With today’s news comes heavy trading of DMAQ stock. As of this writing, more than 350,000 shares of the company’s stock have changed hands. To put that in perspective, its daily average trading volume is only about 10,000 shares.
DMAQ stock is up 17% on Wednesday morning following the company’s merger plans update.
Investors seeking out even more of the most recent stock market news are going to want to keep reading!
We have all of the hottest stock market news that traders need to know about on Wednesday morning! Among that is what has shares of Carvana (NYSE:CVNA) stock up, the biggest pre-market stock movers this morning, and more. You can catch up on all of this news by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
