Andrii Yalanskyi
- Special purpose acquisition company, Deep Medicine Acquisition (DMAQ), has terminated a business combination agreement with Chinese automaker Chijet Motor Company after due diligence.
- The agreement was announced in July, as part of which the combined company carried an implied enterprise value of about $2.55B.
- The amendments to the agreement during the period of due diligence included a revised valuation.
- No other reasons were specified by the healthcare-focused SPAC for the termination of the business combination.
- For more SPAC news, check out SA's SPAC News page.