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Drugs Made In America Acquisition Corp., a Cayman Islands SPAC, reported June 30, 2026 assets of $146.9 million, including $146.8 million of cash and investments in its Trust Account and $20,280 of operating cash. Ordinary shares subject to possible redemption totaled 13,559,770 with a redemption value of $145.2 million.
During the April 27, 2026 extension vote, holders of 9,440,230 shares redeemed for $99.3 million (about $10.52 per share), significantly reducing the Trust balance. An investor deposited $600,000 via Extension Advance Notes by June 30, 2026 to extend the combination deadline, with an additional $300,000 deposited on July 27, 2026. Net income was $3.7 million for the six months, driven by $4.0 million of interest on Trust investments and low operating costs. The company entered into a Definitive Merger Agreement with PAGC on April 29, 2026. Management discloses a working capital deficit of $2.9 million and states that the mandatory liquidation date and funding needs raise substantial doubt about its ability to continue as a going concern absent completion of a Business Combination within the extended period.
Karpus Management, Inc., doing business as Karpus Investment Management, reports beneficial ownership of common shares of Drugs Made In America Acquisition Corp.
Karpus reports holding 2,507,817 common shares, representing 10.33% of the class, with sole voting and sole dispositive power over all of these shares and no shared power. The shares are held in accounts managed by Karpus, which exercises voting and investment power independently of its parent, City of London Investment Group plc.
First Trust Merger Arbitrage Fund and affiliated First Trust entities report passive ownership of Class A Ordinary Shares of Drugs Made In America Acquisition Corp. As of June 30, 2026, VARBX held 675,366 shares, or 2.78% of the class, with sole voting and dispositive power. First Trust Capital Management L.P., First Trust Capital Solutions L.P. and FTCS Sub GP LLC are deemed to beneficially own 786,459 shares, or 3.24%, all with sole voting and dispositive power and representing holdings in client accounts. Each reporting person states ownership of 5% or less of the outstanding Class A Ordinary Shares.
Glazer Capital, LLC and Paul J. Glazer report beneficial ownership of Ordinary Shares of Drugs Made in America Acquisition Corp. As of 06/30/2026, they collectively report 999,899 shares, representing 4.12% of the class. All reported shares are held through funds and managed accounts for which Glazer Capital acts as investment manager.
The Reporting Persons state they have shared voting and dispositive power over 999,899 shares and no sole voting or dispositive power. They also indicate that their position represents ownership of 5 percent or less of the outstanding Ordinary Shares and include a disclaimer that the report should not be construed as an admission of beneficial ownership for certain legal purposes.
Mizuho Financial Group, Inc., as a parent holding company, reports beneficial ownership of 2,058,605 common shares of Drugs Made In America Acquisition Corp. This represents 8.5% of the class. Mizuho has sole voting and sole dispositive power over all reported shares.
The shares are directly held by Mizuho Securities USA LLC, a wholly owned subsidiary, and Mizuho Financial Group, Inc., Mizuho Bank, Ltd. and Mizuho Americas LLC may be deemed indirect beneficial owners. No shared voting or dispositive power is reported.
Drugs Made In America Acquisition Corp. and Power Analytics Global Corp. approved Amendment No. 3 to their merger agreement, revising economics and governance of the planned business combination. The sponsor will forfeit at least 50% of its founder shares, with the remainder subject to earnout vesting based on share-price hurdles of $12.50 and $15.00 over specified 20-of-30 trading day periods, with unvested shares forfeited on the fifth anniversary of closing. The sponsor’s 430,000 private placement rights will be surrendered for no consideration and 45,092 ordinary shares tied to an unfunded subscription will be cancelled.
DMAA will seek, with PAGC’s consent, to address its public rights via either a cash tender offer at $0.25–$0.35 per right, an economically equivalent exchange offer, or a consent solicitation to amend the Rights Agreement, while untendered rights continue under existing terms. The amendment recalculates merger consideration using fully diluted shares, allows additional pre-closing financings, and resets minimum cash provisions to a $30,000,000 target and $15,000,000 floor with an adjustment grid.
The parties also contemplate a potential three-party business combination; a contingent Amendment No. 4 would become effective only if conditions, including designating an additional target by September 30, 2026, are met. Given PAGC’s affiliation with BV Advisory Partners, the amendment adds related-party protections, requiring an independent fairness opinion and key determinations by independent and disinterested directors.
Drugs Made In America Acquisition Corp. is further revising its planned business combination with Power Analytics Global Corp. through Amendment No. 3 to their merger agreement. The amendment requires the former sponsor to forfeit at least 50% of its founder shares, with the remainder subject to earnout vesting: half vest if the share price reaches $12.50 and half at $15.00 for 20 trading days within a 30-day period after closing, with any unvested shares forfeited on the fifth anniversary.
The sponsor’s 430,000 private placement rights will be surrendered for no consideration and 45,092 related ordinary shares cancelled, and other founder holders are to sign lock-ups. DMAA will, with PAGC’s consent, pursue either a cash tender offer, exchange offer, or consent solicitation to address public rights, at $0.25–$0.35 per right if a tender offer is used, funded outside the trust. Merger consideration mechanics are revised to reference fully diluted shares outstanding, and additional pre-closing financings are permitted. The amendment also restates minimum cash conditions, targeting $30,000,000 with a floor of $15,000,000, and outlines a contingent three-party structure involving a potential additional target that must be locked in by September 30, 2026. Given common ownership between PAGC and BV Advisory Partners, additional related-party protections are added, including a fairness opinion from an independent firm and decisions reserved to independent, disinterested directors.
Drugs Made In America Acquisition Corp. reports that Feis Equities LLC and Lawrence M. Feis beneficially own 1,232,775 Ordinary shares, representing 5.08% of the class. The filing cites 24,276,913 Ordinary shares outstanding as of May 14, 2026 from the issuer's 10-Q.
The Schedule 13G shows sole voting and dispositive power over the 1,232,775 shares for both reporting persons and is signed by Lawrence M. Feis.
Drugs Made In America Acquisition Corp. reported Q1 2026 net income of $1.97 million, driven by $2.11 million of interest on its $242.0 million trust account and modest general and administrative costs of $143,301.
The SPAC remains pre‑revenue, with cash of $14,887 and a working capital deficit of $477,282, and its auditors highlight substantial doubt about its ability to continue as a going concern without completing a business combination. In April 2026, shareholders approved an extension of the combination deadline to as late as April 29, 2027, with redemptions of 9,440,230 shares for about $99.3 million, leaving 24,276,913 ordinary shares outstanding. The company also signed an interim $100,000 convertible note and a definitive merger agreement with Power Analytics Global Corp., positioning that business as the intended operating company after the de‑SPAC transaction.
Mizuho Financial Group, Inc. filed a Schedule 13G reporting beneficial ownership of 2,000,000 common shares of Drugs Made In America Acquisition Corp. (CUSIP G2847J104), representing 6.0% of the class. The filing, signed by Takahiro Katsura, is dated 05/14/2026.