Financial Performance - The company had a net loss of $279,845 for the period from May 23, 2024, through December 31, 2024, primarily due to general and administrative costs [94]. - Management has raised substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued [104]. Liquidity and Capital Structure - As of December 31, 2024, the company had cash of $1,351, indicating limited liquidity prior to the Initial Public Offering [95]. - The Initial Public Offering generated gross proceeds of $200,000,000 from the sale of 20,000,000 Units at $10.00 per unit [96]. - An additional $30,000,000 was raised from the underwriters exercising their over-allotment option to purchase 3,000,000 Units at $10.00 per unit [96]. - A total of $231,150,000 was placed in the trust account following the Initial Public Offering and related transactions [97]. - The company incurred transaction costs of $8,898,201, which included $1,150,000 in cash underwriting fees and $6,900,000 in deferred underwriting fees [99]. - The company issued a Subscription Promissory Note allowing it to borrow up to $1,100,000 for working capital [98]. - There are no long-term debts or off-balance sheet financing arrangements as of December 31, 2024 [105][106]. Future Plans - The company intends to use substantially all funds in the trust account to complete its initial business combination [100].
Drugs Made In America Acquisition Corp(DMAA) - 2024 Q4 - Annual Report