Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 577

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 577
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 and majority
shareholder and the Company’s Chief Executive Officer and Executive Chair of the Board, reflecting an agreement to implement a prepackaged
restructuring of BGXX through the commencement of voluntary Chapter 11 cases under the United States Bankruptcy Code and the submission
of a prepackaged Chapter 11 plan. As contemplated by the RSA, on February 22, 2025, BGXX filed a voluntary petition in the United States
Bankruptcy Court for the District of New Mexico for relief under Chapter 11 of the Bankruptcy Code, thereby commencing the Chapter 11
case.

Number and Terms of Office and Appointment
of Officers and Directors

Our board of directors consists of four members.

Approval of our entry into an initial business
combination agreement will require the affirmative vote of a majority of our board directors, which must include a majority of our independent
directors. Subject to any other special rights applicable to the shareholders, prior to our initial business combination, any vacancies
on our board of directors may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our
board of directors.

Our officers are appointed by the board of directors
and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized
to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate.
Our amended and restated memorandum and articles of association provide that our officers may consist of a Chairman of the Board, a Chief
Executive Officer, a President, a Chief Operating Officer, a Chief Financial Officer, Vice Presidents, a Secretary, Assistant Secretaries,
a Treasurer and such other offices as may be determined by the board of directors.

18

Director Independence

The Nasdaq listing rules require that a majority
of our board of directors be independent within one year of our initial public offering. An “independent director” is defined
generally as a person that, in the opinion of the company’s board of directors, has no material relationship with the listed company
(either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). We have three “independent
directors” as defined in the Nasdaq rules and applicable SEC rules. Our board has determined that each of Catherine Do, G. Sridhar
Prasad and Myron W. Shulgan is an independent director under applicable SEC and Nasdaq rules. Our independent directors