Company: DMAAR
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-046061
Chunk: 24

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 in full or in part so that the number of Founder Shares would equal 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 Sponsor does not purchase any Public Shares in the Initial Public Offering). In February 2025 the over-allotment option
was exercised in full by the underwriters and these shares are no longer subject to forfeiture.

Rights — Except
in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-eighth
(1/8) of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection
with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance
with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business
Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-eighth
(1/8) of one ordinary share underlying each right upon consummation of the Business Combination. If the Company is unable to complete
the initial Business Combination within the required time period and the Company will redeem the public shares for the funds held in the
Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

15

DRUGS MADE IN AMERICA ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

Representative Shares — The
Company issued to Clear Street LLC, the representative of the underwriters in the Initial Public Offering, 200,000 ordinary shares (the
“representative shares”) at the time of the consummation of Initial Public Offering and 30,000 representative shares at the
closing of the over-allotment option. The holders of the representative shares have agreed (i) that they will not transfer, assign or
sell any such shares without our prior consent until the completion of the initial Business Combination, (ii) to waive their redemption
rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business
Combination and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the