Deal announced · 29 Apr 2026DMAAU · NasdaqCIK 2028614Sponsor at IPO: Drugs Made In America Acquisition LLC
Drugs Made In America Acquisition Corp.
$231MTrust raised at IPO · 59% of public shares left after its last counted vote
- IPO27 Jan 2025
- Searching15 months
- Deal announced29 Apr 2026
- Closed—
- 01
Smaller than 51% of 2025’s SPAC IPOs.
$230M raised, against a median of $230M for the 143 SPACs that priced in 2025.
- 02
$10.05 in trust per unit, above the 2025 median.
The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.
- 03
41% of public shares redeemed across 1 vote.
1 extension vote, counted from the SPAC’s 8-Ks. 59% of the public shares remained after the last one.
Worked out from checked figures in snapshot 14 · no forecasts or advice
Key terms
Other 2025 SPAC IPOs →- IPO priced
- 27 Jan 2025
- IPO closed
- 29 Jan 2025
- Raised
- $230M
- Units sold
- 23,000,000
- Trust raised
- $231M1
- Trust per unit
- $10.052
- Unit
- 1 sh + 1 right (1/8)3
- Months to complete
- 154
- Deadline before extensions
- 29 Apr 2026
- Over-allotment
- Exercised in full
Each unit: “one ordinary share and one right to receive one-eighth (1/8) of an ordinary share”
How it compares
Drugs Made In America Acquisition Corp. against the 143 SPACs that priced in 2025.
- Raised
- $230M
- 49% of 2025 SPACs are below it
- 2025 median: $230M
- Trust per unit
- $10.05
- 87% of 2025 SPACs are below it
- 2025 median: $10.00
- Months to complete
- 15
- 89% of 2025 SPACs are above it
- 2025 median: 24
- Redeemed across its votes
- 41%
- 81% of 2025 SPACs are above it
- 2025 median: 81%
Trust and redemptions
- Extension vote · 27 Apr 20269,440,230 of 23,000,000 redeemed (41%)
Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.
Firms named in the prospectus
Bookrunners
Company counsel
Underwriters’ counsel
Auditor
Other SPACs from Drugs Made In America
Drugs Made In America’s track record →Drugs Made In America has brought 2 SPACs to market since 1 January 2019, $730M in all: 1 with a deal announced, 1 searching.
| SPAC | IPO | Raised | Status | Outcome | Months |
|---|---|---|---|---|---|
| Drugs Made In America Acquisition II Corp. | 24 Sept 2025 | $500M | Searching | — | — |
| Drugs Made In America Acquisition Corp. This SPAC | 27 Jan 2025 | $230M | Deal announced | — | — |
Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.
Peers
Other 2025 SPAC IPOs with Clear Street LLC as bookrunner.
| SPAC | IPO | Raised | Unit | Status |
|---|---|---|---|---|
| Silicon Valley Acquisition Corp. | 22 Dec 2025 | $215M | 1 sh + ½ warrant | Deal announced |
| Viking Acquisition Corp I | 30 Oct 2025 | $230M | 1 sh + ⅓ warrant | Completed |
| AA Mission Acquisition Corp. II | 30 Sept 2025 | $115M | 1 sh + ½ warrant | Searching |
| Spring Valley Acquisition Corp. III | 3 Sept 2025 | $230M | 1 sh + ⅓ warrant | Under review |
| Cohen Circle Acquisition Corp. II | 30 Jun 2025 | $253M | 1 sh + ¼ warrant | Searching |
Sources
- PFinal prospectus: 0001213900-25-007724
- 1Trust raised: 0001213900-25-016702
As of February 18, 2025, a total of $231,150,000 of the net proceeds from the IPO (including the Option Units) and the sale of the Private Placement Units were placed in the Trust Account.
- 2Trust per unit: 0001213900-25-007724
$201.0 million, or $231.15 million if the underwriters’ over-allotment option is exercised in full ($10.05 per unit), will be deposited into a U.S.-based trust account
- 3Unit composition: 0001213900-25-007724
Each unit has an offering price of $10.00 and 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,
- 4Months to complete: 0001213900-25-007724
If we are unable to complete our initial business combination within 15 months from the closing of this offering, the time period to complete an initial business combination can be extended without shareholder approval up to two times,
Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.