ArentFox Schiff Advises TruGolf on its Merger with Deep Medicine Acquisition Corp.

ArentFox Schiff is representing TruGolf, Inc., a leading golf simulator manufacturer and distributor, in its announced merger with Deep Medicine Acquisition Corp. (NASDAQ: DMAQ), a publicly traded special purpose acquisition company.

The transaction reflects an implied enterprise value for TruGolf of $125 million, which includes up to approximately $45 million of contingent consideration if certain milestones are met. The transaction consideration will be paid in newly issued shares of common stock of DMAQ. It is anticipated that the transaction will close by the end of the third quarter of 2023.

TruGolf expects to use the transaction proceeds to fund the development and production of its software and hardware business, with sales expected to increase as its new generation software and hardware is launched.

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