Karpus Management (DMAA) discloses 10.33% beneficial stake in SPAC

Rhea-AI Filing Summary

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.

Key Figures

Shares beneficially owned: 2,507,817 shares Percent of class: 10.33% Sole voting power: 2,507,817 shares +1 more

4 metrics

Shares beneficially owned 2,507,817 shares Common shares of Drugs Made In America Acquisition Corp. reported by Karpus

Percent of class 10.33% Portion of DMAA common stock beneficially owned by Karpus

Sole voting power 2,507,817 shares Shares over which Karpus holds sole power to vote or direct the vote

Sole dispositive power 2,507,817 shares Shares over which Karpus holds sole power to dispose or direct disposition

Key Terms

beneficial ownership, sole voting power, sole dispositive power, registered investment adviser, +1 more

5 terms

beneficial ownership financial

"attribution of beneficial ownership is not required between Karpus and CLIG"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting power financial

"Sole Voting Power 2,507,817.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 2,507,817.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

registered investment adviser financial

"Karpus is a registered investment adviser under Section 203"

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

informational barriers financial

"effective informational barriers have been established between Karpus and CLIG"

FAQ

What ownership stake in DMAA does Karpus Management, Inc. report?

Karpus Management, Inc. reports beneficial ownership of 2,507,817 DMAA common shares, representing 10.33% of the outstanding class. All reported shares are held in accounts managed by Karpus.

Does Karpus have sole or shared voting power over DMAA shares?

Karpus reports sole voting power over 2,507,817 shares and no shared voting power. It also has sole dispositive power over the same number of shares, with no shared dispositive power.

Who is the reporting person on this DMAA Schedule 13G/A?

The reporting person is Karpus Management, Inc., d/b/a Karpus Investment Management, a New York corporation and registered investment adviser. The filing is signed by Jodi L. Hedberg, Chief Compliance Officer.

How is Karpus related to City of London Investment Group plc in this DMAA filing?

Karpus is controlled by City of London Investment Group plc, but it states that effective informational barriers mean voting and investment power over DMAA securities are exercised independently, so beneficial ownership is not attributed between them.

Where is Drugs Made In America Acquisition Corp. headquartered?

Drugs Made In America Acquisition Corp. lists its principal executive offices at 420 Lexington Avenue, Suite 1402, New York, NY 10170, according to the ownership report filed by Karpus.

What is the CUSIP and class of securities Karpus holds in DMAA?

Karpus reports holding Common shares of Drugs Made In America Acquisition Corp. with CUSIP G2847J104. The reported position totals 2,507,817 common shares.

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Available on EDGAR 08/14/2026 - 04:03 PM Accepted by SEC EDGAR 08/14/2026 - 04:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Drugs Made In America Acquisition Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

G2847J104

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G2847J104

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,507,817.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,507,817.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,507,817.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.33 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Drugs Made In America Acquisition Corp.
(b)	Address of issuer's principal executive offices: 420 Lexington Avenue, Suite 1402 New York, NY 10170
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G2847J104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,507,817.00
(b)	Percent of class: 10.33 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,507,817.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 2,507,817.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	08/14/2026