secwatch.observer — SEC 8-K summary
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Issuer:     TruGolf Holdings, Inc. (TRUG)
CIK:        0001857086
Form:       8-K
Filed at:   2023-04-06T23:59:59+00:00
Accession:  0001493152-23-011293
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Deep Medicine Acquisition Corp. enters merger agreement with TruGolf valued at up to $125M
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- Total merger consideration up to $125M: $80M base plus up to $45M in restricted shares subject to earnout milestones.
- Restricted shares (4.5M shares) escrowed; vest based on 2024-2026 revenue targets ($30M-$100M), stock price ($13-$17), or franchise openings.
- Closing conditions include stockholder approvals, minimum cash of $10M post-redemptions, and net tangible assets of at least $5,000,001.
- Post-closing board: 7 members, 4 independent; TruGolf designates 4, 3 mutually agreed; CEO and CFO from TruGolf.
- Outside date for closing is July 29, 2023, with possible extension by DMAQ.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1857086/000149315223011293/0001493152-23-011293-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1857086/000149315223011293/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-011293

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer