Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 310

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 310
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 share
and one right to receive one-eighth (1/8) of one ordinary share upon the consummation of an initial business combination. The proceeds
from the sale of the Private Placement Units are added to the net proceeds from the Initial Public Offering held in the Trust Account.
Simultaneously with the sale of the over-allotment option on February 18, 2025, the Sponsor purchased an additional 30,000 Private Placement
Units at a purchase price of $10.00 per Private Placement Unit, generating additional gross proceeds of $300,000. If the Company does
not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held
in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law).

NOTE 5 — RELATED PARTIES

Founder Shares

On June 17, 2024, the Company issued to the
Sponsor an aggregate of 22,361,111 ordinary shares, par value $0.0001 per share, in exchange for $35,000 or approximately $0.0016 per
share. On November 6, 2024, the Sponsor surrendered and forfeited 12,503,968 ordinary shares to the Company for no consideration, following
which the Sponsor holds 9,857,143 ordinary shares (the “Founder Shares”). All share and per share data has been retrospectively
presented. The Founder Shares include an aggregate of up to 1,285,714 shares subject to surrender and forfeiture to the extent that the
underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will equal, on an as-converted
basis, approximately 30% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering (not including
the Private Placement Units and the representative shares and assuming the Sponsor does not purchase any Public Shares in the Initial
Public Offering). On January 29, 2025 the Company completed its Initial Public Offering and the over-allotment option remained unexercised.
Subsequently, on February 18, 2025, the underwriters exercised their option to purchase their over-allotment option an additional 3,000,000
Units. As such, 1,285,714 shares are no longer subject to forfeiture.

The Sponsor has entered into a letter agreement
with the Company pursuant to which, with certain