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Drugs Made In America Acquisition II Corp. reported a leadership change following sponsor-related cash withdrawals from its working capital account. Between its September 2025 IPO and September 30, 2025, the sponsor withdrew an aggregate $1,100,000, including $325,000 to repay a working capital note and $208,000 for other offering costs and expenses.
An additional $566,269 appeared as an overpayment to the sponsor, and at least $200,000 was withdrawn to pay expenses described as unrelated to the company, together referred to as the Overpayment Amount. After the board directed the sponsor to return this Overpayment Amount and learned on February 12, 2026 that it would not be repaid, the board requested the resignation of CEO and executive chair Lynn Stockwell. Her resignation became effective February 28, 2026, and she was removed as CEO, executive chair, and director.
On February 28, 2026, the board appointed Roger Bendelac as Chief Executive Officer, effective upon Ms. Stockwell’s resignation. The company highlights Mr. Bendelac’s multi‑decade experience in investment banking, capital markets, and corporate advisory roles, and notes that his compensation terms will be determined and disclosed in a future filing.