Company: DMAAR
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112096
Chunk: 17

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 in the unaudited balance sheets, primarily due to their short-term
nature.

9

DRUGS
MADE IN AMERICA ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

(Unaudited)

Redeemable
Share Classification

The
Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s
liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In
accordance with ASC 480-10-S99, the Company classifies Public ordinary shares subject to redemption outside of permanent equity as the
redemption provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public
Offering were issued with other freestanding instruments (i.e., Public Rights (as defined below)) and as such, the initial carrying value
of Public Shares classified as temporary equity are the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes
changes in redemption value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption
value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the
accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares will result in charges
against additional paid-in capital and accumulated deficit. Accordingly, as of September 30, 2025, ordinary shares subject to possible
redemption is presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s
unaudited balance sheets. Increases or decreases in the carrying amount of redeemable shares are affected by charges against additional
paid-in capital and accumulated deficit.

As
of December 31, 2024, there were no shares subject to possible redemption. As of September 30, 2025, the ordinary shares subject to possible
redemption reflected in the unaudited balance sheets are reconciled in the following table:

    Shares  
    Amount 
  
    Gross
    proceeds 
     20,000,000  
    $200,000,000 
  
    Less: 

    Proceeds
    allocated to Public Rights 
        
     (2,978,000)
  
    Proceeds
    allocated to over-allotment option