Company: DMAAR
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-046061
Chunk: 13

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 13
---

under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

Fair Value of Financial Instruments

The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying
amounts represented in the unaudited balance sheets, primarily due to their short-term nature.

9

DRUGS MADE IN AMERICA ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

Redeemable Share Classification

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder
vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company
classifies Public ordinary shares subject to redemption outside of permanent equity as the redemption provisions are not solely within
the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding
instruments (i.e., Public Rights (as defined below)) and as such, the initial carrying value of Public Shares classified as temporary
equity are the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption value immediately
as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately
upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value.
The change in the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit.
Accordingly, as of March 31, 2025, ordinary shares subject to possible redemption is presented at redemption value as temporary equity,
outside of the shareholders’ deficit section of the Company’s unaudited balance sheets. Increases or decreases in the carrying
amount of redeemable shares are affected by charges against additional paid-in capital and accumulated deficit.

As of December 31, 2024, there were no shares