Deep Medicine (NASDAQ:DMAQ) announced this morning that it has terminated its $2.5 billion combination with Chinese carmaker Chijet.
Deep Medicine’s move comes after it made two amendments to the deal to extend the due diligence period. The first amendment was made on September 6, to extend Chijet’s due diligence period until September 20, in an effort to review the company’s operations and complete its own valuation of the Chinese carmaker. On September 16, the parties entered into the second amendment to extend the diligence expiration date until September 30. However, on September 26, Deep Medicine sent Chijet a termination notice.
The deal included a minimum cash condition of at least $10 million. Deep Medicine brought about $127.8 million from its current trust into the deal and did not supplement this with a PIPE.
Deep Medicine and Chijet mark the 45th deal to be terminated this year. The SPAC will not be obligated to pay any penalties pursuant to the terms of the business combination agreement as a result of the termination.
Deep Medicine initially announced its definitive agreement to combine with Chijet just a few months ago on July 13, 2022. Chijit currently sells a line of gasoline-fueled SUVs and trucks in China and Southeast Asia and is working to build a production facility for a new line of EVs.
Terms Tracker for the Week Ending March 28, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. No SPAC IPOs priced this week, which means March closes out with just two IPOs total, both of which priced last week. By comparison, January...
At the SPAC of Dawn The year’s first big IPO has arrived, and its wings have already been trimmed before it got out the gate. AI chip firm CoreWeave had been aiming to price at a range of $47 to $55 per share, which would have valued the company at $26.5 billion at the top...
At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...
Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...
HCM II (NASDAQ:HOND) has entered into a definitive agreement to combine with nuclear reactor developer Terrestrial Energy at a pro forma equity value of $1.3 billion. Charlotte, North Carolina-based Terrestrial is developing unique molten salt nuclear reactors designed to generate enhanced heat outputs for industrial client processes. The combined company is expected to trade on...