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Drugs Made In America Acquisition Corp. (DMAA+0.05%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company, a blank check entity, was incorporated on May 23, 2024, for the purpose of effecting a merger or similar business combination. It has not selected any target for its initial business combination.
On January 29, 2025, the company completed its Initial Public Offering (IPO) of 20,000,000 units at $10.00 per unit, raising $200,000,000. Each unit consists of one ordinary share and one right to receive one-eighth of an ordinary share upon the consummation of a business combination.
Simultaneously with the IPO, the company completed a private placement of 400,000 units to its sponsor, Drugs Made In America Acquisition LLC, for $4,000,000.
On February 18, 2025, the underwriters exercised their over-allotment option, purchasing an additional 3,000,000 units, generating $30,000,000 in gross proceeds.
The company has placed $231,150,000 from the IPO and private placement proceeds into a trust account, to be used for a future business combination.
The company has 15 months from the closing of the IPO to complete a business combination, with the possibility of two three-month extensions if the sponsor deposits additional funds into the trust account.
As of December 31, 2024, the company reported a net loss of $279,845, primarily due to general and administrative costs.
The company had $1,351 in cash and a working capital deficit of $790,678 as of December 31, 2024.
If the company does not complete a business combination within the allotted time, it will cease operations and redeem public shares for the funds held in the trust account.
The filing also details the company's management team and board of directors, as well as its strategy to focus on the pharmaceutical industry for its business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Drugs Made In America Acquisition Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.