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Drugs Made In America Acquisition Corp. reported leadership changes following issues at an affiliated SPAC’s working capital account. The sponsor of Drugs Made In America Acquisition II Corp. withdrew an aggregate $1,100,000 from the affiliate’s working capital account, including $325,000 to repay a working capital note and $208,000 for other offering costs and expenses. The affiliate’s financial statements also showed a $566,269 overpayment to the sponsor, and the sponsor later withdrew no less than $200,000 more to pay expenses unrelated to the affiliate. After the affiliate’s board directed the sponsor to return the full overpayment amount and learned on February 12, 2026 that it could not be repaid, the boards of the affiliate and the company requested the resignation of Lynn Stockwell as Chief Executive Officer, Executive Chair, and director. The board received her resignation effective February 28, 2026 and removed her from all roles. On the same date, Roger Bendelac was appointed Chief Executive Officer of the company; his compensation will be determined later.
Karpus Management reported beneficial ownership of 2,744,109 common shares of Drugs Made In America Acquisition Corp., equal to 8.19% of the class. The shares are held directly in accounts managed by Karpus, which states it has sole voting and sole dispositive power over the shares. Karpus is a New York-formed registered investment adviser that notes it is controlled by City of London Investment Group plc but maintains informational barriers so that voting and investment decisions are made independently by Karpus. The filing indicates the position is held in the ordinary course of business and not for the purpose of changing control of the issuer.