Company: DMAAR
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-046061
Chunk: 77

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 March 31, 2025, the sponsor has paid $247,621 in expenses on behalf of the Company reducing the share subscription receivable
on the unaudited balance sheet to $852,379. On February 18, 2025, the underwriters exercised their over-allotment option to purchase an
additional 3,000,000 Units at a purchase price of $10.00 per Unit, generating additional gross proceeds of $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.

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