Recent developments include management changes, interim financing arrangements, and progress toward a potential business combination with a technology platform company.

• The company’s ordinary shares and rights began separate trading on February 25, 2025 [S1].
• The former CFO resigned effective October 8, 2025, and a new CFO was appointed on November 17, 2025 [S1].
• The company entered into a convertible note financing agreement in March 2026 for up to $500,000 to cover expenses related to a business combination [S1].
• The company has commenced preliminary due diligence on a potential business combination with Power Analytics Global Corp., a technology platform focused on AI and cybersecurity, with a letter of intent executed in April 2026 but no definitive agreement yet [S1].
• The former CEO resigned in February 2026 following issues related to the affiliate sponsor, and a new CEO was appointed the same month [S1].

The company’s experienced management team and access to significant capital through its trust account provide the ability to pursue acquisition targets in high-growth sectors such as AI and pharmaceuticals. Its investment criteria emphasize acquiring industry leaders with defensible business models and growth potential, which could create value for shareholders if a suitable business combination is consummated. The preliminary due diligence on a technology platform focused on AI and cybersecurity aligns with current market interests in these sectors.

The company currently has no operations or revenue and is dependent on completing an initial business combination within a limited timeframe. Failure to consummate a business combination would result in liquidation and return of trust account funds to shareholders. The company’s liquidity outside the trust account is limited, and it faces risks related to management changes, financing arrangements, and cybersecurity vulnerabilities due to reliance on third-party technologies. The absence of a definitive business combination agreement introduces execution risk and uncertainty regarding future operations.

As a blank check company, Drugs Made In America Acquisition Corp. currently has no operations, products, or services and thus no competitive moat. Its potential competitive advantages would depend on the success of its initial business combination and the acquired company's market position, business model, and growth prospects. The company’s management team’s experience and industry networks are positioned as a strategic asset to identify and support acquisition targets, but the ultimate moat will be determined post-combination.

• Business Combination Risk: The company must complete an initial business combination within the prescribed timeframe or face liquidation, which would return trust account funds to shareholders and end the company’s operations [S1].
• Execution and Management Risk: Recent management changes, including the resignation of the former CEO and CFO and appointment of new officers, may impact the company’s ability to execute its business strategy effectively [S1].
• Liquidity Risk: Outside of the trust account, the company has minimal current assets and a low current ratio, indicating limited liquidity to cover operating expenses [S1].
• Cybersecurity Risk: The company relies on third-party digital technologies and lacks its own cybersecurity personnel and processes, which could expose it to security breaches and financial loss [S2].
• Financing Risk: The company has entered into interim convertible note financing to cover expenses related to a business combination, which introduces financial obligations and dilution risk [S1].

• Drugs Made In America Acquisition Corp. is a blank check company incorporated in the Cayman Islands 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 [S1].
• The company has not engaged in any operations nor generated any revenue to date and is considered a shell company under the Exchange Act [S1].
• The company completed its IPO on January 29, 2025, issuing 20,000,000 units at $10.00 per unit, raising gross proceeds of $200 million, plus an over-allotment option exercised for an additional 3,000,000 units, and private placement units sold to the sponsor [S1].
• As of December 31, 2025, the company held approximately $239.9 million in a trust account invested in U.S. government treasury obligations and money market funds [S1].
• The company had current assets of $12,191 and current liabilities of $376,172 as of December 31, 2025, resulting in a current ratio of 0.03, indicating low liquidity outside the trust account [S1].
• Net income for the year ended December 31, 2025 was $5,940,643, primarily driven by interest earned on the trust account funds; the company has no operating revenue [S1].
• The company’s EPS was negative $0.03 for the year ended December 31, 2024 [S1].
• The company’s business strategy is to identify and acquire one or more target businesses in AI, pharmaceutical, or other sectors requiring rapid innovation, leveraging the management team’s experience and networks [S1].
• Investment criteria include seeking proven industry leaders with defensible business models, multiple avenues for long-term growth, sustainable financial profiles, and potential for add-on acquisitions [S1].
• The company has commenced preliminary due diligence on a potential business combination with Power Analytics Global Corp., an enterprise technology platform focused on AI, machine learning, quantum analytics, and cybersecurity solutions, but no definitive agreement has been executed [S1].
• The company has a management team with experience in executing business transactions across multiple geographies and economic conditions [S1].
• Recent management changes include the resignation of the former CFO in October 2025 and appointment of a new CFO in November 2025 [S1].
• The company entered into a convertible note financing agreement in March 2026 for up to $500,000 to cover expenses related to a business combination [S1].
• The company’s ordinary shares and rights began separate trading on February 25, 2025 [S1].
• The company has no operations and depends on third-party digital technologies, with limited cybersecurity resources and processes [S2].