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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. 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.
Drugs Made In America Acquisition Corp. entered into a definitive merger agreement with Power Analytics Global Corp., an artificial intelligence, advanced analytics and quantum-resistant security solutions company. PAGC will merge into DMAA (or a subsidiary), and the combined business is intended to trade on Nasdaq after closing.
The agreement targets a $1.0 billion enterprise valuation for PAGC, subject to a Valuation Milestone Schedule tied to verified revenue contracts, with a Floor Valuation of $300 million. Based on final capitalization and milestones, former PAGC shareholders are expected to own about 90% of the surviving entity and existing DMAA shareholders about 10%, before any PIPE or other closing-related issuances.
DMAA aims to deliver around $30 million of cash at closing, with flexibility down to $15 million alongside valuation and ownership adjustments. Closing requires shareholder approval, effective SEC registration, Nasdaq listing approval and PAGC meeting the floor valuation and debt-free conditions. The parties also executed two technical amendments updating governing law, termination clarifications and notice details.
Drugs Made in America Acquisition Corp. reported that shareholders approved an Extension Proposal at an Extraordinary General Meeting held on April 27, 2026, allowing the SPAC more time to complete a business combination. The proposal passed by special resolution with 18,906,281 votes for and 4,892,646 against.
As of the April 7, 2026 record date, 33,517,143 ordinary shares were issued and outstanding, and 23,798,927 shares were voted, representing about 70.58% of eligible shares. In connection with the vote, holders of 9,440,230 ordinary shares elected to redeem for cash from the trust.
The company will remove $99,336,016.67, or about $10.52 per share, from its trust account to pay redeeming holders. After these redemptions, 24,276,913 ordinary shares will remain outstanding, including 13,559,770 sold in the initial public offering. The Board approved an initial one‑month extension of the SPAC’s term to May 29, 2026.