Company: DMAAR
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112096
Chunk: 73

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 8
Chunk 73
---
 the
Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the
requirements of applicable law).

NOTE
5 — RELATED PARTIES

Founder
Shares

On
June 17, 2024, the Company issued to the Sponsor an aggregate of 22,361,111 ordinary shares, par value $0.0001 per share, in exchange
for $35,000 or approximately $0.0016 per share. On November 6, 2024, the Sponsor surrendered and forfeited 12,503,968 ordinary shares
to the Company for no consideration, following which the Sponsor held 9,857,143 ordinary shares (the “Founder Shares”). All
share and per share data has been retrospectively presented. The Founder Shares included an aggregate of up to 1,285,714 shares subject
to surrender and forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the
number of Founder Shares will equal, on an as-converted basis, approximately 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 the Sponsor
does not purchase any Public Shares in the Initial Public Offering). On January 29, 2025 the Company completed its Initial Public Offering
and the over-allotment option remained unexercised. Subsequently, on February 18, 2025, the underwriters exercised their over-allotment
option to purchase an additional 3,000,000 Units. As such, 1,285,714 shares are no longer subject to forfeiture.

The
Sponsor has entered into a letter agreement with the Company pursuant to which, with certain limited exceptions, the Founder Shares and
the Private Placement Units, including the underlying securities, are not transferable, assignable or salable (except to directors and
officers and other persons or entities affiliated with the Company’s initial shareholders, each of whom will be subject to the
same transfer restrictions) until the earlier of: (i) with respect to 50% of the Founder Shares and the Private Placement Units, the
earlier of six months after the date of the consummation of the initial 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