Deep Medicine Acquisition Corp.
DMAQ · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Deep Medicine Acquisition Corp. (Luo Weixuan), listed on Nasdaq in October 2021.
- What it's doing now
- It agreed to buy TruGolf Holdings, Inc.. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- TruGolf Holdings, Inc. — Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions.
- Industry
- the deal record does not name the target's industry yet
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 28 October 2021
- size not on file
- Headquarters
- 7951 S.W. 6TH STREET, SUITE 216, PLANTATION, FL, 33324
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Passey Steven K (Chief Financial Officer) · POLANEN HUMPHREY P (Director) · Jones Christopher Jon (Chief Executive Officer)
- Listed securities
- DMAQ common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 19 January 2024 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
3 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 28 October 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closed
What TruGolf Holdings, Inc. does — read from trugolf.com on 26 August 2026
TruGolf provides golf launch monitors and simulators for home, business, or training facilities. Their products include the APOGEE Launch Monitor, LaunchBox, MultiSport ARCADE, and various simulator enclosures and software like E6 by TruGolf.
Golf TechnologySimulators
Who has already taken their money back
2 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
0.63M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jan 19, 2024Deal voteno rate stated
Show the other 1 cash-out event
- Jul 13, 2023Extensionno rate stated
The score
deterministic, from filed fieldsDMAQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Deep Medicine Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker DMAQ. The company priced its initial public offering on October 28, 2021, under SEC file number 333-260515, with shares registered for cash through an S-1MEF filing. The SEC assigned the company CIK 0001857086 and SIC industry code 3949 (Sporting & Athletic Goods, NEC). The registrant described itself as a blank-check company in its 424B4 prospectus. The vehicle completed a business combination and no longer files; Form 25 was filed on January 31, 2024 under 17 CFR 240.12d2-2(a)(3), evidencing that the shares had come to represent other securities in substitution therefor. EDGAR now lists this CIK as TruGolf Holdings, Inc.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Investors face immediate delisting risk due to the stockholders' equity deficiency, which may trigger redemption rights or significant dilution if the company issues additional equity to meet the $2.5 million threshold. The conversion of preferred stock increases the outstanding Class A common share count to 4,572,458 as of August 21, 2026, further impacting ownership percentages and liquidity.
This is an acquisition by the de-SPAC'd company, not a SPAC business combination, and the consideration is stock and convertible preferred rather than cash — the preferred and the replacement options are new claims ahead of or alongside existing common. The $5,000,000 concurrent financing is an upper limit on an amount to be raised in tranches, not a committed sum.
The loss narrowed on lower interest cost rather than on gross margin, and cash fell $4.1 million in six months against $14.5 million of current liabilities — including $5.2 million of deferred revenue and $2.1 million of related-party notes. This is the same registrant that signed the Polymath amalgamation agreement on August 17, 2026.
Raising authorized shares to one billion while simultaneously seeking to breach the Nasdaq 20% cap under an equity purchase facility gives the board room to issue on a scale far beyond the current base, at prices the facility sets rather than the market. Equity lines of this kind draw at a discount, so the authorized increase is what makes sustained dilution mechanically possible. The DMAQ trust was released at the de-SPAC and offers no floor.
Removing the conversion cap on the Series A Preferred is uncapped dilution by design: the Nasdaq 5635(d) vote exists precisely because the issuance can exceed 20% of the Class A base. Pairing it with a reverse split and an authorized-share increase is the standard sequence for a company whose share price is under pressure and whose financing comes from convertible instruments. The 25-votes-per-share Class B means 9,999,999 shares control the outcome regardless of Class A sentiment.
Class B shares carrying 25 votes each mean 1,716,860 insider shares command far more voting power than the 11,538,252 Class A shares held by everyone else, so the outcome of this vote is controlled from inside regardless of public sentiment. What is being approved is uncapped: convertible notes plus warrants issued in a PIPE, converting at terms that typically reset lower as the share price falls, which is why Nasdaq requires a vote at all. Legacy Deep Medicine SPAC holders who did not redeem hold Class A stock with neither voting control nor protection from that dilution.
Show 7 more material filings
The document states two different prices for the same consideration: the aggregate share count is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the next sentence says the consideration is paid in shares each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. The Conversion Ratio is given as approximately 0.001548, from TruGolf's 12,381 outstanding shares and the 8,000,000 New TruGolf shares delivered at Closing, and the consideration is subject to a true-up 90 days after Closing.
The document gives two different bases for valuing the same shares in adjacent sentences: the aggregate share count is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the consideration is also said to be delivered in shares each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. As of the date of the proxy the Conversion Ratio is approximately 0.001548, from TruGolf's 12,381 shares outstanding and 8,000,000 New TruGolf shares delivered at closing. The consideration is subject to a true-up 90 days after closing.
The filing gives two different prices for the same shares: the aggregate number issued to TruGolf stockholders and option holders is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the consideration is also stated to be paid in shares each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. The stated Conversion Ratio of approximately 0.001548 rests on TruGolf's 12,381 shares outstanding and 8,000,000 New TruGolf shares at Closing, and the consideration is subject to a true-up 90 days after Closing.
The document prices the same consideration two ways: the aggregate share count is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the next sentence says the shares delivered are each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. The Conversion Ratio is given as approximately 0.001548, from TruGolf's 12,381 outstanding shares and the 8,000,000 New TruGolf shares delivered at Closing. Each Deep Medicine Right converts into one-tenth of a Class A share, and no fractional shares are issued.
The document gives two different bases for valuing the same shares in adjacent sentences: the aggregate share count is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the consideration is also said to be delivered in shares each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. The Conversion Ratio is approximately 0.001548, from TruGolf's 12,381 shares outstanding and 8,000,000 New TruGolf shares at closing. Each Deep Medicine Right converts into one-tenth of a Class A share.
The document states two different bases for valuing the same shares in adjacent sentences: the aggregate share count is the Merger Consideration divided by a Purchaser Share Price of $10 per share, while the consideration is also said to be delivered in shares each valued at the price at which Deep Medicine stock is redeemed or converted in the Redemption. The Conversion Ratio is approximately 0.001548, from TruGolf's 12,381 shares outstanding and 8,000,000 New TruGolf shares at closing. Each Deep Medicine Right converts into one-tenth of a Class A share.
At a Conversion Ratio of approximately 0.001548 the filing expects to issue 2,091,747 Deep Medicine Class A Shares and 5,908,253 Class B Shares — the Class B block is close to three times the Class A block. The Class A shares are expected to be about 14.9% of the outstanding stock with no redemptions and about 15.2% with the maximum contractual redemptions, while the Class B shares are about 42.0%. The document also prices the same consideration two ways: divided by a Purchaser Share Price of $10 per share, and valued at the redemption price in the Redemption.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: TruGolf Holdings, Inc. filed an 8-K on August 27, 2026, reporting that on August 25, 2026, it entered into a legally binding Memorandum of Understanding (MOU) with Tru Golf Canada Inc. The MOU appoints Tru Golf Canada Inc. as the exclusive master distributor and strategic platform partner for a defined Territory in Canada and specific Hard Rock opportunities in Oklahoma and Florida. The initial term is five years, subject to earlier termination. No minimum purchase or sales targets apply during the first twelve months; performance targets will be established beginning in the second year, with failure to meet them resulting in conversion from exclusive to non-exclusive status rather than termination. The MOU automatically terminates if no definitive long-form agreement is executed within 180 days, unless extended by mutual written agreement. Why it matters: This filing discloses a new commercial partnership expanding TruGolf's distribution reach into Indigenous communities in Canada, the Thompson Okanagan Territory, and specific Hard Rock branded venues, which may impact future revenue streams and market penetration strategies. The absence of immediate sales targets provides operational flexibility but introduces risk related to the execution of a definitive agreement within the 180-day window.
What changed: TruGolf Holdings, Inc. filed an 8-K on August 24, 2026, to furnish an investor presentation dated August 2026 (Exhibit 99.1) under Item 7.01 (Regulation FD Disclosure). The filing explicitly states that the information in Item 7.01 and Exhibit 99.1 is furnished and shall not be 'filed' for purposes of the Securities Exchange Act of 1934, nor incorporated by reference in any future filings, unless specifically identified as such. The document was signed by Steven Passey, Chief Financial Officer. Why it matters: The filing provides no new financial data, strategic claims, or operational updates within the text itself; it merely references an external exhibit. For investors tracking DMAQ (Deep Medicine Acquisition Corp.), which is noted as CLOSED, this filing from TruGolf Holdings does not contain redemption deadlines, trust value adjustments, extension notices, or deal progress related to the SPAC merger. It serves only as a procedural disclosure of marketing materials, with no material impact on the SPAC's status or shareholder rights.
What changed: TruGolf Holdings, Inc. reported on August 19, 2026, that Nasdaq notified it of non-compliance with the $2.5 million minimum stockholders' equity requirement, citing a June 30, 2026 equity balance of $2,060,281; the company has until October 5, 2026, to submit a compliance plan and faces potential delisting if it fails to regain the required equity level. Additionally, the filing details that from August 18-21, 2026, Series A preferred stock with an aggregate stated value of $1,525,000 converted into 2,688,750 shares of Class A common stock following a price reset to $1.00 per share. Why it matters: Investors face immediate delisting risk due to the stockholders' equity deficiency, which may trigger redemption rights or significant dilution if the company issues additional equity to meet the $2.5 million threshold. The conversion of preferred stock increases the outstanding Class A common share count to 4,572,458 as of August 21, 2026, further impacting ownership percentages and liquidity.
What changed: TruGolf Holdings, Inc. filed as Exhibit 2.1 an Acquisition Agreement dated August 17, 2026 among itself as Parent, 18141991 Canada Inc. as SubCo and Polymath Research Inc. as the Company. SubCo and Polymath will amalgamate under the Canada Business Corporations Act to form Amalco as a wholly owned subsidiary of Parent. Polymath shareholders will receive a combination of Parent common stock and Parent Series C Convertible Preferred Stock, and Polymath optionholders will receive replacement options, in proportions set out in the agreement. Why it matters: This is an acquisition by the de-SPAC'd company, not a SPAC business combination, and the consideration is stock and convertible preferred rather than cash — the preferred and the replacement options are new claims ahead of or alongside existing common. The $5,000,000 concurrent financing is an upper limit on an amount to be raised in tranches, not a committed sum.
What changed: TruGolf Holdings, Inc. (Nasdaq: TRUG) filed its 10-Q for the quarter ended June 30, 2026. Revenue was $5,792,180 for the quarter against $4,310,864 a year earlier and $10,812,442 for the six months against $9,700,094, while the net loss narrowed to $447,808 from $3,321,470 for the quarter and to $1,895,102 from $5,991,792 for the six months, largely because interest expense fell to $263,702 from $1,516,874 in the quarter. Why it matters: The loss narrowed on lower interest cost rather than on gross margin, and cash fell $4.1 million in six months against $14.5 million of current liabilities — including $5.2 million of deferred revenue and $2.1 million of related-party notes. This is the same registrant that signed the Polymath amalgamation agreement on August 17, 2026.
sponsor loans outstandingnothing moved · 1 with no prior record of ours
- Sponsor loans outstanding
- not previously extracted$1.4M
The clause …“June 30, 2026, the Company repaid an additional $ 150,000 of principal. The outstanding principal balance of the loan was $ 1,450,000 as of June 30, 2026, compared to the $ 1,600,000 as of December 31, 2025. 10 NOTE 6 – STOCKHOLDERS’”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
combination deadlinenothing moved · 1 with no prior record of ours
- Combination deadline
- 2025-02-28not matched in this filing
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Extension reliance: 1 extension vote across 1 in-DB vehicle (1.0 per vehicle; 3+ scores zero).
Mixed record · low confidence
- PROFICIENT ALPHA ACQUISITION CORP · 2019Liquidated
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001641172-25-027068
Trading & liquidity
Company profile
Directors & officers
- Passey Steven KChief Financial Officer
- POLANEN HUMPHREY PDirector
- Jones Christopher JonChief Executive Officer
- Johnson Steve RolfeChief Hardware Officer
- Adams BrennerChief Growth Officer
- Larsen Nathan EChief Experience Officer
- Russell RileyDirector
- Jones LindsayChief Financial Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
9 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Li Kewith 1 other reporting person on the same schedule18.4% · SC 13D/AApr 27, 2022 stale
- Greentree Financial Group, Inc10.0% · SC 13GSep 27, 2024 stale
- MIZUHO FINANCIAL GROUP INC6.1% · SC 13GFeb 14, 2022 stale
- Karpus Management, Inc.4.5% · SC 13G/AJan 10, 2023 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule2.7% · SC 13G/ADec 8, 2021 stale
- Lighthouse Investment Partners, LLCwith 7 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- Weiss Asset Management LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 3, 2023 stale
- Yakira Capital Management, Inc.with 2 other reporting persons on the same schedule0.0% · SC 13G/AJan 31, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
32 full SEC filing texts archived — searchable, never lost.
- Vault note — DMAQ (Deep Medicine Acquisition Corp.)
vault-note · /vault/tickers/DMAQ
- Vault deal note — TruGolf Holdings, Inc. (DMAQ)
vault-note · /vault/deals/trugolf-holdings-inc
- TRUG Stock Price, News & Analysis | TruGolf Holdings
news · stocktitan.net
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- TruGolf Apogee Launch Monitor
company-site · trugolf.com
- TruGolf LaunchBox Starter Package
company-site · trugolf.com
- Multisport Arcade Games - TruGolf
company-site · trugolf.com
- Launch Monitor & Golf Simulator Solution | TruGolf
company-site · trugolf.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail3 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3949 (Sporting & Athletic Goods, NEC). The screen found it by filing SHAPE instead — S-1 2021-09-13 → 8-A12B 2021-10-26 → 424B4 2021-10-28 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3949 + self-described blank check in 424B4 0001264931-21-000176; 424B 0001264931-21-000176 priced 2021-10-28 under S-1MEF 0001264931-21-000157 (file 333-260515, an offering for cash); common ticker DMAQ off 10-Q 0001264931-21-000218 (2021-11-15); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-260515, which belongs to S-1MEF 0001264931-21-000157 (2021-10-26) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-10-28). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000044 (2024-01-31) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Rights). EDGAR now files this CIK as "TruGolf Holdings, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Bright Vision Sponsor LLC" (SEC CIK 0001857316) sourced from Form 3 reportingOwner (10% owner) acc 0001264931-21-000167.
[CLOSED-RENAME] EDGAR CIK 0001857086 records "Deep Medicine Acquisition Corp." ending 2024-02-01; the registrant continues as "TruGolf Holdings, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2024-02-01. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] terminationFeeM=0.25 from primary filings (0001493152-23-026118).