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Drugs Made In America Acquisition Corp.

For the period ended Jun 30, 2026. Filed Aug 14, 2026.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 14, 2026

DMAA$10.890.0%Stored close · as of Nov 6, 2026

What changed in Management’s Discussion and Analysis?

Read the current filing

Previous report: 10-Q

Period ended 2026-03-31; filed 2026-05-14.

0001213900-26-056798

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Current report: 10-Q

Period ended 2026-06-30; filed 2026-08-14.

0001213900-26-090035

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.

Compared 47 previous paragraphs and 50 current paragraphs.

40 unchanged; 7 reworded; 3 added; 0 removed; 0 previous and 0 current paragraphs rearranged.

Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.

A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.

Added paragraphs (3)

Current report

The Company and the Investor have entered into extension advance notes (the “Extension Advance Notes”) pursuant to which the Investor’s extension deposits, which is the lessor of $300,000 or $0.04 per non-redeemed public share, are repayable to the Investor at or following the closing of the Company’s business combination. In lieu of reimbursement, the Investor may elect, in its sole discretion and by written notice given at or prior to the closing, to convert the principal amount of the Extension Advance Notes into ordinary shares of the post-combination company at a price per share equal to the Reference Price, as defined in Omnibus Amendment No. 3 to the Merger Agreement and as it may be amended.

Current report

The Extension Advance Notes are issued in respect of extension funding provided under the Investment, under which the Investor has the right, but not the obligation, to provide additional financing including extension funding. Amounts advanced under the Extension Advance Notes are additional to, and shall not be credited against, the Investor’s commitment of up to $500,000 under the Investment Agreement, which is separately evidenced by the Interim Convertible Notes.

Current report

The Investor has made two deposits of $300,000, or $600,000 in the aggregate, during the three and six months ended June 30, 2026, resulting in an Extension Advance Notes balance of $600,000 as of June 30, 2026.
Reworded paragraphs (7)

Previous wording

Following the closing of the IPO, a total of $ 231,150,000 of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option Units) and the private placement of the Private Placement Units, were placed in a trust account established for the benefit of the Company’s public shareholders (the “trust account”) established by VStock Transfer, LLC, our transfer agent and maintained by Wilmington Trust, National Association acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within the completion window, subject to applicable law. The funds in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including in demand deposit accounts).

Current wording

Following the closing of the IPO, a total of $231,150,000 of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option Units) and the private placement of the Private Placement Units, were placed in a trust account established for the benefit of the Company’s public shareholders (the “trust account”) established by VStock Transfer, LLC, our transfer agent and maintained by Wilmington Trust, National Association acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) our completion of an initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of our public shares if we have not completed an initial business combination within the completion window, subject to applicable law. The funds in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including in demand deposit accounts).

Previous wording

We would have up to 15 months to consummate an initial business combination (April 29, 2026) from the closing of the IPO (which may be extended without shareholder approval up to two times, each by an additional three months (for a total of up to 21 months to complete an initial business combination from the closing of the IPO), subject to the sponsor depositing into the trust account $0.10 per public share outstanding in connection with each such extension). On April 27, 2026, the Company held an extraordinary general meeting of shareholders (the “Extension Meeting”), which approved a proposal to amend its Second Amended and Restated Memorandum and Articles of Association (the “Existing Charter”) by adopting an amendment to the Existing Charter which reflects the extension of the Combination Period up to twelve (12) times from April 29, 2026 (the “Termination Date”) to April 29, 2027, each by an additional one (1) month (each an “Extension”) for a total of 12 months after the Termination Date, assuming a Business Combination has not occurred, so long as the Company’s sponsor deposits the lessor of $300,000 or $0.04 per non redeemed public share for each one-month extension period into the Trust Account. In connection with the shareholders’ vote at the Extension Meeting, holders of 9,440,230 ordinary shares of the Company exercised their right to redeem such shares (the “Redemption”) for a pro rata portion of the funds held in the Trust Account. As a result, $99,336,016.67 (approximately $10.52 per share) were removed from the Trust Account to pay such holders. Following the aforementioned Redemption, the Company has 24,276,913 ordinary shares outstanding. On May 13, 2026, the Company’s sponsor deposited $300,000 into the Trust Account.

Current wording

We would have up to 15 months to consummate an initial business combination (April 29, 2026) from the closing of the IPO (which may be extended without shareholder approval up to two times, each by an additional three months (for a total of up to 21 months to complete an initial business combination from the closing of the IPO), subject to the Company depositing into the trust account $0.10 per public share outstanding in connection with each such extension). On April 27, 2026, the Company held an extraordinary general meeting of shareholders (the “Extension Meeting”), which approved a proposal to amend its Second Amended and Restated Memorandum and Articles of Association (the “Existing Charter”) by adopting an amendment to the Existing Charter which reflects the extension of the Combination Period up to twelve (12) times from April 29, 2026 (the “Termination Date”) to April 29, 2027, each by an additional one (1) month (each an “Extension”) for a total of 12 months after the Termination Date, assuming a Business Combination has not occurred, so long as the Company deposits the lessor of $300,000 or $0.04 per non redeemed public share for each one-month extension period into the Trust Account. In connection with the shareholders’ vote at the Extension Meeting, holders of 9,440,230 ordinary shares of the Company exercised their right to redeem such shares (the “Redemption”) for a pro rata portion of the funds held in the Trust Account. As a result, $99,311,220 (approximately $10.52 per share) were removed from the Trust Account to pay such holders. $1,661,224 of amounts paid to one shareholder was returned to the Trust Account, resulting in a $1,661,224 share redemptions payable balance as of June 30, 2026, representing the amount that will be repaid to the shareholder in full. Following the aforementioned Redemption, the Company has 24,276,913 ordinary shares outstanding. On May 13, 2026 and June 24, 2026, BV Advisory Partners, LLC (the “Investor”) deposited $300,000 into the Trust Account. On July 27, 2026, the Investor deposited $300,000 into the Trust Account to extend the Company by one (1) month. Accordingly, the deposit was recorded against the Extension Advance Notes, resulting in a balance of $900,000.

Previous wording

For the three months ended March 31, 2026, we had a net income of $1,970,459, which consists of interest earned on cash and investments held in the trust account of $2,113,760, offset by general and administrative costs of $143,301.

Current wording

For the three and six months ended June 30, 2026, we had a net income of $1,726,897 and $3,697,356, respectively which consists of interest earned on cash and investments held in the trust account of $1,863,831 and $3,977,591, offset by general and administrative costs of $136,934 and $280,235, respectively.

Previous wording

For the three months ended March 31, 2025, we had a net income of $1,254,543, which consists of interest earned on cash and investments held in the trust account of $1,585,468, offset by general and administrative costs of $330,925.

Current wording

For the three and six months ended June 30, 2025, we had a net income of $2,288,579 and $3,543,122, respectively which consists of interest earned on cash and investments held in the trust account of $2,420,498 and $4,005,966, offset by general and administrative costs of $131,919 and $462,844, respectively.

Previous wording

As of March 31, 2026 and December 31, 2025 we had cash of $14,887 and $6,137. 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.

Current wording

As of June 30, 2026 and December 31, 2025 we had cash of $20,280 and $6,137. 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.

Previous wording

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.

Current wording

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. As of June 30, 2026, the deferred underwriting fee payable has been reduced to $6,192,000.

Previous wording

The underwriters were entitled to a cash underwriting discount of $0.05 per Unit, or 0.5% of the gross proceeds of the Initial Public Offering, or $1,150,000 in the aggregate, paid at the closing of the Initial Public Offering and the over-allotment option closing. In addition, the underwriters are entitled to a deferred fee of $0.30 per Unit, or 3.0% of the gross proceeds of the Initial Public Offering, or $6,900,000 in the aggregate, of which 25.0% will be adjusted net of redemptions (i.e., for purposes of calculating the deferred underwriting commission net of redemptions, 25.0% of the deferred underwriting commissions will determined by the dollar amount that is product of (i) 3.0% multiplied by the product of the number of unredeemed public shares, multiplied by $10.00 and (ii) 25.0%). The deferred fee becomes payable to the underwriters from the amounts held in the trust account solely in the event that we complete a business combination, subject to the terms of the underwriting agreement. In addition, we agreed to issue the underwriters 200,000 ordinary shares (or up to 230,000 ordinary shares if the over-allotment option is exercised in full), denoted as representative shares.

Current wording

The underwriters were entitled to a cash underwriting discount of $0.05 per Unit, or 0.5% of the gross proceeds of the Initial Public Offering, or $1,150,000 in the aggregate, paid at the closing of the Initial Public Offering and the over-allotment option closing. In addition, the underwriters are entitled to a deferred fee of $0.30 per Unit, or 3.0% of the gross proceeds of the Initial Public Offering, or $6,900,000 in the aggregate, of which 25.0% will be adjusted net of redemptions (i.e., for purposes of calculating the deferred underwriting commission net of redemptions, 25.0% of the deferred underwriting commissions will determined by the dollar amount that is product of (i) 3.0% multiplied by the product of the number of unredeemed public shares, multiplied by $10.00 and (ii) 25.0%). In connection with the Redemption, the deferred underwriting fee was reduced, pursuant to the above calculation, by $708,000. As such, as of June 30, 2026 and December 31, 2025, the deferred underwriting fee payable was $6,192,000 and $6,900,000, respectively. The deferred fee becomes payable to the underwriters from the amounts held in the trust account solely in the event that we complete a business combination, subject to the terms of the underwriting agreement. In addition, we agreed to issue the underwriters 200,000 ordinary shares (or up to 230,000 ordinary shares if the over-allotment option is exercised in full), denoted as representative shares.