Drugs Made In America Acquisition Corp Unit(DMAAU) - 2025 Q3 - Quarterly Report

IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on January 29, 2025, raising gross proceeds of $200,000,000 from the sale of 20,000,000 units at $10.00 per unit[108]. - Following the IPO, the company placed $231,150,000 in a trust account for the benefit of public shareholders[121]. - The company incurred total transaction costs of $8,898,201 related to the IPO, including $1,150,000 in cash underwriting fees[123]. - Underwriters received a cash underwriting discount of $1,150,000, which is 0.5% of the gross proceeds from the Initial Public Offering, and a deferred fee of $6,900,000, or 3.0% of the gross proceeds[131]. - Following the Initial Public Offering, net proceeds have been invested in U.S. government treasury obligations with a maturity of 185 days or less, minimizing exposure to interest rate risk[135]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,184,563, primarily from interest earned on cash and investments held in the trust account[117]. - The company generated non-operating income from interest earned on cash and investments, with total interest of $6,454,232 for the nine months ended September 30, 2025[117]. - As of September 30, 2025, the company had cash of $717, indicating limited liquidity prior to the IPO[119]. Business Operations and Future Plans - The company has not engaged in any operations or generated revenues to date, focusing on identifying a target company for its initial business combination[116]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and may withdraw interest to pay taxes[124]. - The company has until April 29, 2026, to complete its initial business combination, with the possibility of extending this period by up to six months[112]. Financial Health and Concerns - Management has raised substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the unaudited financial statements due to mandatory liquidation and subsequent dissolution[128]. - The company has no long-term debt or significant liabilities, with the only obligation being $10,000 per month for administrative services[130]. - The company has no off-balance sheet financing arrangements as of September 30, 2025, and does not engage in transactions with unconsolidated entities[129]. Accounting Standards and Regulations - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[133]. - The company does not believe that any recently issued accounting standards will materially affect its unaudited financial statements[134]. Sponsor Support - The sponsor has provided $491,178 in expenses on behalf of the company since the IPO, affecting the share subscription receivable[120].