Drugs Made In America Acquisition Corp. Announces Closing of Full Exercise of IPO Over-Allotment Option
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) announced the full exercise of its IPO over-allotment option, with the underwriter purchasing an additional 3,000,000 units at $10.00 per unit, generating additional gross proceeds of $30,000,000.
The total offering now comprises 23,000,000 units, resulting in total gross proceeds of $230,000,000. Each unit includes one ordinary share and one right to receive one-eighth of an ordinary share upon initial business combination completion. The units began trading on Nasdaq under 'DMAAU' on January 28, 2025, with ordinary shares and rights to be listed separately under 'DMAA' and 'DMAAR'.
Clear Street served as the sole book-running manager, with Loeb & Loeb LLP as company counsel and Winston & Strawn LLP as Clear Street's counsel.
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) ha annunciato l'esercizio completo della sua opzione di sovra-allocazione dell'IPO, con il sottoscrittore che ha acquistato ulteriori 3.000.000 di unità a $10,00 per unità, generando proventi lordi aggiuntivi di $30.000.000.
L'offerta totale comprende ora 23.000.000 di unità, con un totale di proventi lordi di $230.000.000. Ogni unità include un'azione ordinaria e un diritto a ricevere un ottavo di un'azione ordinaria al completamento della combinazione aziendale iniziale. Le unità hanno iniziato a essere scambiate su Nasdaq con il simbolo 'DMAAU' il 28 gennaio 2025, mentre le azioni ordinarie e i diritti saranno quotati separatamente con i simboli 'DMAA' e 'DMAAR'.
Clear Street ha svolto il ruolo di unico manager book-running, con Loeb & Loeb LLP come consulente della società e Winston & Strawn LLP come consulente di Clear Street.
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) anunció el ejercicio completo de su opción de sobreasignación de la OPI, con el suscriptor comprando 3.000.000 de unidades adicionales a $10,00 por unidad, generando ingresos brutos adicionales de $30.000.000.
La oferta total ahora comprende 23.000.000 de unidades, resultando en ingresos brutos totales de $230.000.000. Cada unidad incluye una acción ordinaria y un derecho a recibir un octavo de una acción ordinaria al completar la combinación empresarial inicial. Las unidades comenzaron a cotizar en Nasdaq bajo 'DMAAU' el 28 de enero de 2025, con acciones ordinarias y derechos que se cotizarán por separado bajo 'DMAA' y 'DMAAR'.
Clear Street actuó como el único gerente de libro, con Loeb & Loeb LLP como asesor de la empresa y Winston & Strawn LLP como asesor de Clear Street.
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU)는 IPO의 전량 배정 옵션을 완전 행사했다고 발표했으며, 인수자가 추가로 3,000,000개의 단위를 주당 $10.00에 구매하여 추가 총 수익 $30,000,000을 생성했습니다.
총 제공량은 이제 23,000,000개의 단위로 증가하여 총 수익이 $230,000,000에 달합니다. 각 단위는 한 주식과 초기 사업 결합 완료 시 1/8의 주식을 받을 수 있는 권리를 포함합니다. 이 단위는 2025년 1월 28일에 'DMAAU'라는 이름으로 Nasdaq에서 거래를 시작하며, 보통주와 권리는 각각 'DMAA'와 'DMAAR'로 별도로 상장됩니다.
Clear Street는 단독 북런닝 매니저로 활동했으며, Loeb & Loeb LLP가 회사의 법률 자문을, Winston & Strawn LLP가 Clear Street의 법률 자문을 맡았습니다.
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) a annoncé l'exercice complet de son option de surallocation lors de son OPI, l'underwriter ayant acheté 3.000.000 d'unités supplémentaires à 10,00 $ par unité, générant des recettes brutes supplémentaires de 30.000.000 $.
L'offre totale comprend désormais 23.000.000 d'unités, ce qui entraîne des recettes brutes totales de 230.000.000 $. Chaque unité comprend une action ordinaire et un droit de recevoir un huitième d'une action ordinaire à l'achèvement de la combinaison d'affaires initiale. Les unités ont commencé à être négociées sur le Nasdaq sous 'DMAAU' le 28 janvier 2025, les actions ordinaires et les droits étant listés séparément sous 'DMAA' et 'DMAAR'.
Clear Street a agi en tant que seul gestionnaire des livres, avec Loeb & Loeb LLP comme conseiller de la société et Winston & Strawn LLP comme conseiller de Clear Street.
Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) gab bekannt, dass die gesamte Ausübung seiner IPO-Überzeichnungsoption stattgefunden hat, wobei der Underwriter zusätzlich 3.000.000 Einheiten zu je 10,00 $ pro Einheit erworben hat, was zusätzliche Bruttoeinnahmen von 30.000.000 $ generiert.
Das gesamte Angebot umfasst nun 23.000.000 Einheiten, was zu Gesamteinnahmen von 230.000.000 $ führt. Jede Einheit umfasst eine Stammaktie und ein Recht auf Erhalt eines Achtels einer Stammaktie nach Abschluss der anfänglichen Unternehmenszusammenführung. Die Einheiten begannen am 28. Januar 2025 unter 'DMAAU' an der Nasdaq zu handeln, während die Stammaktien und Rechte separat unter 'DMAA' und 'DMAAR' gelistet werden.
Clear Street fungierte als alleiniger Buchführer, wobei Loeb & Loeb LLP als Unternehmensberater und Winston & Strawn LLP als Berater von Clear Street tätig waren.
- Successfully raised $230 million in total gross proceeds from IPO
- Full exercise of over-allotment option indicates strong market demand
- Secured Nasdaq Global Market listing
- Potential shareholder dilution from 1/8 share rights upon business combination
- No specific business combination target identified yet
Insights
The successful completion of DMAAU's IPO with full over-allotment exercise demonstrates strong institutional interest, particularly noteworthy in today's challenging SPAC market. The $230 million total raise positions this SPAC in the mid-tier category, providing sufficient capital to target established pharmaceutical manufacturing operations while avoiding the execution challenges faced by larger SPACs.
The unit structure, including a 1/8 right component rather than traditional warrants, represents a more shareholder-friendly approach with reduced potential dilution compared to typical SPAC structures. This conservative approach may appeal to quality merger targets concerned about post-combination share structure and long-term value preservation.
The SPAC's focus on American drug manufacturing aligns with current bipartisan political initiatives to reshore pharmaceutical production and strengthen domestic supply chains. This strategic positioning could provide advantages in both target acquisition negotiations and post-merger regulatory approvals. Potential targets likely include mid-sized pharmaceutical manufacturers with established FDA-approved facilities and existing revenue streams, rather than early-stage development companies.
The involvement of Clear Street as sole book-runner, while unconventional compared to larger investment banks typically leading SPAC IPOs, suggests a more focused, relationship-driven approach to both the IPO and eventual business combination process. This could potentially lead to more aligned interests between sponsors, investors, and the eventual target company.
Fort Lauderdale, Florida, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) (the “Company”) today announced that the underwriter of its previously announced initial public offering fully exercised its option to purchase an additional 3,000,000 units at the public offering price of
After giving effect to this full exercise of the overallotment option, the total number of units sold in the public offering increased to 23,000,000 units, resulting in total gross proceeds of
Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “DMAA” and “DMAAR”, respectively.
Clear Street LLC acted as the sole book-running manager in the offering. Loeb & Loeb LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.
The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io. A registration statement on Form S-1 (333-281170) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 7, 2025, and a post-effective amendment to the registration statement was declared effective on January 27, 2025.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Drugs Made In America Acquisition Corp.
The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement, as amended by the post-effective amendment, and the prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.
Contact Information
Drugs Made In America Acquisition Corp.
1 East Broward Boulevard, Suite 700
Fort Lauderdale, FL 33301
Lynn Stockwell
Chief Executive Officer and Executive Chair
Email: executive@dmaacorp.com
Phone: (954) 870-3099
FAQ
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