DMAQ merger with TruGolf Holdings, Inc.
TruGolf Holdings, Inc. — Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: TruGolf Holdings, Inc.
The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. The Company builds products that capture the spirit of golf. Their mission is to help grow the game of golf by making it more available, approachable, and affordable through technology because the Company believes golf is for everyone. The TruGolf team has built award-winning video games (e.g., “Links”), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT, the brand’s industry-leading software. Since TruGolf’s beginning, it has continued to define and redefine what is possible with golf technology. In addition to offering a variety of custom, professional, and portable golf simulators, TruGolf’s latest launch monitor, APOGEE, is the most accurate and easiest to use launch monitor available. Features include its unique APOGEE Voice Assistant, a Voice Command System that allows users to navigate their E6 CONNECT gameplay within rounds and practice sessions; Laser Launchpad, a laser indicator that shows users where to place the ball and when the system is ready to record a swing; and the Point-of-Impact (POI) slow-motion replay video (available in- game with E6 CONNECT course play and driving ranges).
TruGolf Holdings, Inc. — every SPAC that has bid for it, and its listed peers
In plain English
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.
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.
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.