New York, NY, Oct. 29, 2021 (GLOBE NEWSWIRE) — Deep Medicine Acquisition Corp. (Nasdaq: DMAQU) (the “Company”) today announced the closing of its upsized initial public offering of 12,650,000 units at a price to the public of $10.00 per unit, which includes 1,650,000 units issued pursuant to the underwriters’ exercise of over-allotment option in full, with the offering raising gross proceeds of $126,500,000. The units commenced trading on Wednesday, October 27, 2021, on The Nasdaq Global Market (“Nasdaq”) under the symbol “DMAQU.” Each unit issued in the initial public offering consists of one share of Class A common stock and one right to receive one-tenth of one share of Class A common stock upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the shares of Class A common stock and rights are expected to be listed on Nasdaq under the symbols “DMAQ” and “DMAQR,” respectively.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $127,765,000 (or $10.10 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of October 29, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).
A registration statement relating to these securities was declared effective by the SEC on October 26, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting I-Bankers Securities, Inc., 1208 Shady Ln N., Keller, TX 76248 or by e-mail at firstname.lastname@example.org. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.