Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 509

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 509
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 and Capital Resources

As of December 31, 2024, we had cash of $1,351.
Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the
sponsor and loans from our sponsor.

On January 29, 2025, we consummated
the Initial Public Offering of 20,000,000 Units, at a price of $10.00 per unit, generating gross proceeds of $200,000,000. Simultaneously
with the closing of the Initial Public Offering, we consummated the sale of 400,000 Private Placement Units to the sponsor at a price
of $10.00 per unit for $4,000,000, of which $1,100,000 has not yet been received and is noted as a subscription receivable, which may
be converted from the amounts advanced to the Company under the Subscription Promissory Note as described below. 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.