Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 372

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 372
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 Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing after the initial Business Combination and (ii) with respect to the remaining 50% of
the Founder Shares and the Private Placement Units, six months after the date of the consummation of the initial Business Combination,
or earlier, in either case, if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, share exchange
or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities
or other property.

Administrative Support Agreement

The Company has entered into an Administrative
Services Agreement, effective on January 7, 2025, pursuant to which the Company has agreed to pay the Sponsor or an affiliate $10,000
for office space, and administrative and support services. Upon completion of the initial business combination or the Company’s
liquidation, the administrative services agreement will terminate, and the Company will cease paying these monthly fees. As of December
31, 2024 no expense was incurred.

F-12

Promissory Note — Related Party

On June 13, 2024, the Sponsor issued an unsecured
promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal
amount of $500,000. On November 21, 2024, the Sponsor amended the Promissory Note to increase the amount the Company may borrow to $750,000.
On December 5, 2024, the Sponsor further amended the Promissory Note to increase the amount the Company may borrow to $1,850,000. The
Promissory Note is non-interest bearing and shall be due and payable upon the closing of the Company’s initial business combination
or upon the Company’s dissolution, whichever occurs first. During the period from May 23, 2024 (inception) through December 31,
2024, the Company received funds totaling approximately $1,700,000 from various investors on behalf of the Sponsor. These monies represent
advances paid to the Sponsor for purchase of Founder Shares upon successful completion of the Proposed Public Offering. The monies were
received on behalf of