Deep Medicine Acquisition Corp. enters into up to $8M convertible note PIPE financing for TruGolf deal

TruGolf Holdings, Inc.

Up to $8M in convertible notes with 10% OID across three tranches; $2.11M funded at close of Business Combination.
Convertible at lower of $10/share or 10-day VWAP with $5 floor; interest at 10% (15% if paid in stock).
Warrants to purchase 727,273 shares at $13 exercise price, exercisable for 5 years.
Financing contingent on closing of Business Combination between DMAQ and TruGolf; subject to stockholder approval.
Registration rights agreement requires filing within 30 days of closing; liquidated damages of 2%/month for delays.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TruGolf Holdings, Inc. entered into Loan Agreements with Greentree Financial Group, Inc. and Finuvia, LLC valued at up to $8,000,000 in principal amount of convertible notes (effective 2023-11-02).

Action: entry
Agreement: equity purchase
Counterparty: Greentree Financial Group, Inc. and Finuvia, LLC
Value: up to $8,000,000 in principal amount of convertible notes
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Deep Medicine Acquisition Corp., a Delaware corporation (“ DMAQ ” or the “ Company ”), executed a Loan Agreement (together, the “ Loan Agreements ”) with each of Greentree Financial Group, Inc. and Finuvia, LLC (together, the “ PIPE Investors ”).

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TruGolf Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039143

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