| Item
1.02 |
Termination
of a Material Definitive Agreement |
Business
Combination Agreement, as amended
As
previously disclosed by Deep Medicine Acquisition Corp., a Delaware corporation (the “Company”) in its Current
Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 18, 2022 (the “Prior
Form 8-K”), the Company entered into a definitive Business Combination Agreement, dated July 12, 2022 (as may be amended
or supplemented from time to time, the “Business Combination Agreement”) with Chijet Inc., a Cayman Islands
exempted company (together with its subsidiaries, “Chijet”), each of the referenced holders of Chijet’s
outstanding shares (collectively, the “Sellers”), Chijet Motor Company, Inc., a Cayman Islands exempted company
and wholly-owned subsidiary of Chijet (“Pubco”), and Chijet Motor (USA) Company, Inc., a Delaware corporation
and a wholly-owned subsidiary of Pubco (“Merger Sub”). Defined terms used herein without definition shall have
the meanings given in the Business Combination Agreement and all references to “Sections” refer to the Business Combination
Agreement.
Also,
as previously disclosed by the Company in its Current Report on Form 8-K filed with the SEC on September 12, 2022, the Company entered
into Amendment No. 1 to the Business Combination Agreement on September 6, 2022 (“Amendment No. 1”) with Chijet,
the Sellers named therein (who hold in excess of 50% of Chijet’s outstanding shares), Pubco, and Merger Sub (collectively, the
“Parties”). Pursuant to the terms of Amendment No. 1, the Parties amended and restated Section 2.2(c) of the
Business Combination Agreement in its entirety to provide that the Due Diligence Period is extended until and ending on September 20,
2022 (the “Diligence Expiration Date”). Such Section 2.2(c) provides for the Due Diligence Period for the same
purposes as specified in the originally filed Business Combination Agreement in such section, namely to (i) undertake a due diligence
review of the Company Entities and their operations; and (ii) complete the Company’s own determination of the Valuation (the “Revised
Valuation”). The Company agreed to notify Chijet of the Revised Valuation at or prior to the end of the Diligence Expiration
Date. Other than as amended therein, Amendment No. 1 provided that the Business Combination Agreement shall remain in full force and
effect.
On
September 16, 2022, the Parties entered into Amendment No. 2 to the Business Combination Agreement (“Amendment No. 2”)
to extend the Diligence Expiration Date until September 30, 2022. Other than this extension, Amendment No. 2 has the same content of
Amendment No. 1, and Amendment No. 2 provides that the Business Combination Agreement shall remain in full force and effect.
Termination
of the Business Combination Agreement
On
September 26, 2022 (the “Termination Date”), the Company terminated the Business Combination Agreement pursuant
to a termination notice it sent to Chijet and Pubco on the Termination Date (the “Termination Notice”). The
Termination Notice was sent pursuant to the provisions of Sections 2.2(e), 2.2(f), 11.1(h) and 11.1(i)
of the Business Combination Agreement (collectively,
the “Termination”).
The
Company is not obligated to pay any penalties pursuant to the terms of the Business Combination Agreement as a result of the Termination.
Termination
of Support Agreement
As
a result of the termination of the Business Combination Agreement, the Support Agreement, dated as of July 12, 2022, among the Company,
Bright Vision Sponsor LLC, Chijet and Pubco (the “Support Agreement”) automatically terminated in accordance
with its terms. The Company is not obligated to pay any penalties pursuant to the terms of the Support Agreement as a result of its termination
described in the preceding sentence.
The
foregoing descriptions of the Business Combination Agreement, Amendment No. 1, Amendment No. 2 and the Support Agreement do not purport
to be complete and are qualified in their entirety by the terms and conditions of the full text of such agreements which were previously
filed with the SEC and are included in this Current Report on Form 8-K as Exhibits 2.3, 2.2, 2.1 and 10.1, respectively, and are incorporated
herein by reference.
Forward-Looking
Statements
This
Current Report on Form 8-K, exhibits hereto and information incorporated by reference herein, contains certain “forward-looking
statements” within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, with respect
to the proposed Business Combination. These forward-looking statements generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will
be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does
not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about
future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual
results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking
statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned
not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at
some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new
information, future events or otherwise, subject to applicable law.