IPO and Fundraising - The company completed its Initial Public Offering (IPO) on January 29, 2025, raising gross proceeds of $200 million from the sale of 20 million units at $10.00 per unit[104]. - An additional 3 million units were sold through the over-allotment option, generating an extra $30 million in gross proceeds[106]. - The total amount placed in the trust account after the IPO and private placements was $231,150,000[115]. - The company incurred transaction costs of $8,898,201 related to the IPO, including $1,150,000 in cash underwriting fees[117]. - The underwriters received a cash underwriting discount of $1,150,000, which is 0.5% of the gross proceeds from the Initial Public Offering[126]. - A deferred fee of $6,900,000, or 3.0% of the gross proceeds from the Initial Public Offering, is contingent upon completing a business combination[126]. Financial Performance - As of March 31, 2025, the company reported a net income of $1,254,543, primarily from interest earned on cash and investments held in the trust account[112]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[111]. - Management has raised substantial doubt about the company's ability to continue as a going concern within one year due to mandatory liquidation considerations[123]. Business Operations and Plans - The company has a 15-month period to complete its initial business combination, which can be extended by up to 6 months with sponsor deposits[108]. - The company intends to use the funds in the trust account primarily for the initial business combination and related operational expenses[118]. - The company has a subscription promissory note allowing it to borrow up to $1,100,000 for working capital, which may convert into Private Placement Units[116]. Financial Obligations and Risks - As of March 31, 2025, the company has no off-balance sheet financing arrangements or obligations with unconsolidated entities[124]. - The company has no long-term debt or capital lease obligations, with a monthly payment of $10,000 for administrative services[125]. - Due to the short-term nature of these investments, the company anticipates no material exposure to interest rate risk[129]. Accounting and Compliance - The company has not identified any critical accounting estimates that could materially affect financial statements[127]. - Management believes that recently issued accounting standards will not have a material effect on the unaudited financial statements[128]. - Following the Initial Public Offering, net proceeds have been invested in U.S. government treasury obligations with a maturity of 185 days or less[129].
Drugs Made In America Acquisition Corp(DMAA) - 2025 Q1 - Quarterly Report