Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
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Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
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ITEM 1. BUSINESS.

Introduction

We are a blank check company
incorporated in the Cayman Islands as an exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization or other similar business combination with one or more businesses. We have neither engaged
in any operations nor generated any revenue to date. Based on our business activities, the Company is a “shell company” as
defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because we have no operations and nominal
assets consisting almost entirely of cash.

On June 17, 2024, we issued
to the sponsor an aggregate of 22,361,111 ordinary shares (the “founder shares”) for an aggregate purchase price of $35,000,
or approximately $0.0016 per share. On November 6, 2024, the sponsor surrendered and forfeited 12,503,968 ordinary shares to us for no
consideration, resulting in 9,857,143 founder shares remaining. Prior to our sponsor’s initial investment of $35,000, the Company
had no assets, tangible or intangible.

On January 29, 2025, we consummated
our initial public offering (the “IPO” or “Initial Public Offering”) of 20,000,000 units (the “Units”).
Each Unit consists of one ordinary share and one right to receive one-eighth (1/8) of one Ordinary Share upon the consummation of an initial
business combination. The Units were sold at an offering price of $10.00 per unit, generating gross proceeds, before expenses, of $200,000,000.
We granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any.

Simultaneously with the closing
of the IPO, we consummated the private placement with Drugs Made In America Acquisition LLC, our sponsor, of 400,000 units (the “Private
Placement Units”) at a price of $10.00 per unit, for $4,000,000. The Private Placement Units are identical to the Units sold in
the IPO, except that the Private Placement Units, including the underlying securities, may not, subject to certain limited exceptions,
be transferable, assignable or salable by the sponsor until the earlier of: (i) with