Filing Overview
Deep Medicine Acquisition Corp. filed a Form 8-K dated February 16, 2023. The filing reports the transfer of its Class A common stock and rights from the Nasdaq Global Market to the Nasdaq Capital Market, effective at the opening of business on February 17, 2023. The filing does not identify TruGolf Holdings, Inc. as the registrant; the named registrant is Deep Medicine Acquisition Corp.
Material Listing Change
- Nasdaq approved the transfer of the company’s Class A common stock and rights to the Nasdaq Capital Market.
- The securities will continue trading under the symbols DMAQ and DMAQR, respectively.
- The transfer addresses a Nasdaq Global Market deficiency related to the company’s failure to maintain at least 1,100,000 publicly held shares following stockholder redemptions.
- The company stated that the Nasdaq Capital Market has substantially similar operations and continues to require compliance with applicable financial and corporate governance standards.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.
Guidance, Outlook, Risks, and Unusual Items
No financial guidance or operating outlook is provided. The principal disclosed risk is continued compliance with Nasdaq Capital Market listing and corporate governance requirements. The listing transfer followed stockholder redemptions and the resulting publicly held share deficiency.
Important Facts to Verify
- Confirm that the listing transfer became effective on February 17, 2023.
- Verify continued trading under DMAQ and DMAQR.
- Review the company’s prior disclosures regarding stockholder redemptions and publicly held shares.
- Assess ongoing compliance with Nasdaq Capital Market requirements.
- Review Exhibit 99.1, the February 16, 2023 press release, for additional company commentary.