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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 $10.00 per unit, resulting in additional gross proceeds of $30,000,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “DMAAU” on January 28, 2025.
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 $230,000,000 for the Company’s initial public offering.
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.