Deep Medicine Acquisition Corp. amends TruGolf merger terms and secures $11M PIPE financing

Additionally, on December 7, 2023, DMAQ and Finuvia, LLC entered into an Amended and Restated Loan Agreement (the “ Finuvia Loan Agreement ”) to amend and restate the original loan agreement entered between them as of November 2, 2023 to reduce the principal amount of the convertible notes from up to $2,500,000 to up to $500,000 and reduce the amount warrants to purchase Class A common stock of the Company from 227,273 to 45,455.

On December 7, 2023, DMAQ, Merger Sub, the Purchaser Representative, the Seller Representative and TruGolf entered into that certain First Amendment to Amended and Restated Agreement and Plan of Merger (the “ Amendment ”), pursuant to which the Merger Agreement was amended to (i) reflect the increase in the voting rights of the Class B common stock of TruGolf and the New TruGolf Class B Common Stock (as defined in the Merger Agreement) from ten (10) votes per share to twenty five (25) votes per share, and (ii) decrease the size of the board of directors of the post-closing company from seven members to five members, with the number of board members designated by DMAQ decreased from three members to one member.

On December 7, 2023, DMAQ executed additional Loan Agreements in substantially the same form (together, the “ Loan Agreements ”) with each of Li Holding, Inc., a Florida corporation, L&H, Inc., a Nevada corporation, and JAK Opportunities VI, LLC, a Delaware limited liability company, (together, the “ PIPE Investors ”). Pursuant to the terms and conditions of the Loan Agreements, DMAQ shall issue the PIPE Investors up to an aggregate of $5,000,000 in principal amount of convertible notes and warrants to purchase an aggregate of 454,545 shares of Class A common stock of the Company after the closing (the “ Closing ”) of the business combination between DMAQ and TruGolf (the “ Business Combination ”) pursuant to the Merger Agreement, as amended.