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.
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.
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. 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.
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.
Drugs Made In America Acquisition Corp. reported new executive compensation arrangements. On April 22, 2026, it signed an updated Statement of Work with Titan Advisory Services, which supplies Chief Financial Officer services from Saleem Elmasri under a consulting structure.
The prior consulting terms included $3,500 in monthly compensation and a grant or transfer of 100,000 ordinary shares to Mr. Elmasri upon engagement. On the same date, the company also entered into a CEO Compensation Agreement with Aleutian Equity Holdings LLC, the designated compensation vehicle for Chief Executive Officer Roger E. Bendelac, including customary indemnification and limitation-of-liability provisions.
Drugs Made In America Acquisition Corp. reported new executive compensation arrangements. On April 22, 2026, it signed an updated Statement of Work with Titan Advisory Services, which supplies Chief Financial Officer services from Saleem Elmasri under a consulting structure.
The prior consulting terms included $3,500 in monthly compensation and a grant or transfer of 100,000 ordinary shares to Mr. Elmasri upon engagement. On the same date, the company also entered into a CEO Compensation Agreement with Aleutian Equity Holdings LLC, the designated compensation vehicle for Chief Executive Officer Roger E. Bendelac, including customary indemnification and limitation-of-liability provisions.
Drugs Made In America Acquisition Corp. filed Amendment No. 1 to its definitive proxy statement to update voting thresholds and share counts tied to an Extraordinary General Meeting. The amendment states 33,517,143 Ordinary Shares outstanding as of the Record Date and elsewhere lists 33,717,143 Ordinary Shares as of the Record Date. It specifies that, assuming all Ordinary Shares are present, the Company will need 11,827,619 and alternatively 11,760,953 Public Shares to approve the Extension Proposal, and 6,241,429 and alternatively 6,141,429 Public Shares to approve the Adjournment Proposal. The Amendment replaces Article 48.7 and is dated April 16, 2026.
Drugs Made In America Acquisition Corp. filed Amendment No. 1 to its definitive proxy statement to update voting thresholds and share counts tied to an Extraordinary General Meeting. The amendment states 33,517,143 Ordinary Shares outstanding as of the Record Date and elsewhere lists 33,717,143 Ordinary Shares as of the Record Date. It specifies that, assuming all Ordinary Shares are present, the Company will need 11,827,619 and alternatively 11,760,953 Public Shares to approve the Extension Proposal, and 6,241,429 and alternatively 6,141,429 Public Shares to approve the Adjournment Proposal. The Amendment replaces Article 48.7 and is dated April 16, 2026.
Drugs Made In America Acquisition Corp., a Cayman Islands-based blank check company, filed its annual report detailing progress and risks as it searches for a merger target. The SPAC raised $231.15 million in trust from its IPO and private placements and reported 2025 net income of $5.94 million, driven by $8.76 million of interest on trust investments.
The company remains a shell with no operations and faces a going concern uncertainty due to limited cash outside the trust and a deadline to complete a business combination. It is seeking to extend its combination period up to April 29, 2027 through shareholder approval and sponsor-funded monthly trust contributions.
Governance shifted significantly after the prior CEO resigned in early 2026 following issues at an affiliated SPAC sponsor, and a new CEO and CFO were appointed. DMAA secured a $500,000 convertible note commitment, including a $100,000 interim loan, and signed a non-binding LOI with Power Analytics Global Corp. for a potential $1.0 billion de‑SPAC transaction, which remains subject to negotiation and diligence. Management also disclosed material weaknesses in internal controls and plans remediation.
Drugs Made In America Acquisition Corp., a Cayman Islands-based blank check company, filed its annual report detailing progress and risks as it searches for a merger target. The SPAC raised $231.15 million in trust from its IPO and private placements and reported 2025 net income of $5.94 million, driven by $8.76 million of interest on trust investments.
The company remains a shell with no operations and faces a going concern uncertainty due to limited cash outside the trust and a deadline to complete a business combination. It is seeking to extend its combination period up to April 29, 2027 through shareholder approval and sponsor-funded monthly trust contributions.
Governance shifted significantly after the prior CEO resigned in early 2026 following issues at an affiliated SPAC sponsor, and a new CEO and CFO were appointed. DMAA secured a $500,000 convertible note commitment, including a $100,000 interim loan, and signed a non-binding LOI with Power Analytics Global Corp. for a potential $1.0 billion de‑SPAC transaction, which remains subject to negotiation and diligence. Management also disclosed material weaknesses in internal controls and plans remediation.
Drugs Made in America Acquisition Corp. is asking shareholders to approve changes that would give it up to 12 extra months, from April 29, 2026 to April 29, 2027, to complete a business combination.
Each one-month extension would require the sponsor to loan the lesser of $300,000 or $0.04 per non‑redeemed public share into the trust account. Public shareholders can redeem shares for about $10.52 per share, based on roughly $242 million held in the trust as of the record date, regardless of how they vote. If the extension is not approved and no deal closes by the current deadline, the SPAC will redeem all public shares and wind up.
Drugs Made in America Acquisition Corp. is asking shareholders to approve changes that would give it up to 12 extra months, from April 29, 2026 to April 29, 2027, to complete a business combination.
Each one-month extension would require the sponsor to loan the lesser of $300,000 or $0.04 per non‑redeemed public share into the trust account. Public shareholders can redeem shares for about $10.52 per share, based on roughly $242 million held in the trust as of the record date, regardless of how they vote. If the extension is not approved and no deal closes by the current deadline, the SPAC will redeem all public shares and wind up.
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.
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.