Drugs Made In America Acquisition Corp (DMAA) is a blank check special purpose acquisition company incorporated on May 23, 2024, that was formed to identify and complete a business combination with one or more target businesses. It generates no operating revenue. The company raised funds through an initial public offering, with proceeds held in a trust account earning interest pending the completion of an acquisition. The trust account holds $10.05 per public share as a minimum threshold, with a deferred underwriting fee of $0.30 per Unit (3.0% of gross IPO proceeds, or $6,900,000 in aggregate) payable solely upon closing a business combination. As of the 10-K filed April 15, 2026, no business combination had been completed. The auditors have issued a going concern qualification, citing substantial doubt about the company's ability to continue operations if a business combination is not completed within the prescribed time period. Roger Bendelac serves as Chief Executive Officer and Saleem Elmasri as Chief Financial Officer.

Revenue model

DMAA has no operating revenue. Its structure is transactional at the point of a completed business combination: IPO proceeds are held in trust, interest earned on the trust account is available net of taxes, and the deferred underwriting commission of $6,900,000 becomes payable to underwriters only upon closing an acquisition.

Products and services

Blank check acquisition vehicle with a trust account funded by IPO proceeds. The company may also issue working capital loans of up to $1,500,000 from the sponsor or affiliates to fund transaction costs and working capital deficiencies prior to a business combination.

Customers and end markets

No customers or end markets are identified in the filing. The stated acquisition focus referenced in the company name is domestic pharmaceutical or drug manufacturing businesses, but no target has been identified or disclosed in the excerpts provided.

Value-chain role

DMAA functions as a capital aggregation and acquisition vehicle, pooling public market capital in a trust account to finance the purchase of a private operating business. It sits between public equity markets and private acquisition targets.

Geographic exposure

Incorporated and operating in the United States, registered with the SEC and filing under U.S. exchange requirements. No geographic exposure to operating markets is disclosed, as the company has no operating business as of the filing date.

Competitors

Other blank check companies, Private investors and investment partnerships, Domestic and international acquisition-focused entities

Source: SEC 10-K, filed 2026-04-15

Industry: Blank Checks