Company: DMAAR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076681
Chunk: 38

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 $30,000,000. Simultaneously with the sale of the over-allotment Units, the sponsor purchased an additional 30,000 Private
Placement Units at a purchase price of $10.00 per unit, generating additional gross proceeds of $300,000.

Following the Initial Public Offering, the sale
of the Private Placement Units and the over-allotment option close, a total of $231,150,000 was placed in the trust account.

On January 29, 2025, we issued a new unsecured
subscription promissory note to the sponsor (the “Subscription Promissory Note”) in connection with the amended and restated
units purchase agreement pursuant to which we may borrow up to an aggregate principal amount of $1,100,000 working capital loans. The
sponsor further agrees that such loans shall be converted into Private Placement Units, at the price of $10.00 per unit. To the extent
the amount of such loans is less than $1,100,000, the sponsor acknowledges and agrees that it (or, if applicable, it and any transferees
of Private Placement Units) shall surrender for cancellation any and all rights to up to an aggregate of 110,000 Private Placement Units
at $10.00 per unit. As of June 30, 2025, there was $695,825 outstanding and reported as share subscription receivable on the unaudited
balance sheet.

We incurred $8,898,201 of transaction costs, consisting
of $1,150,000 of cash underwriting fees, $6,900,000 of deferred underwriting fees, and $848,201 of other offering costs.

We intend to use substantially all of the funds
held in the trust account, including any amounts representing interest earned on the trust account, which interest shall be net of taxes
payable, if any, and excluding deferred underwriting commissions, to complete our initial business combination. We may withdraw interest
from the trust account to pay taxes, if any. To the extent that our share capital or debt is used, in whole or in part, as consideration
to complete an initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance
the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

21

We intend to use the funds from the Subscription
Promissory Note primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses