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WebsiteIntroduction to DRUGS MADE IN AMER ACQUISITION CORP
DRUGS MADE IN AMER ACQUISITION CORP (NASDAQ: DMAA) is a blank check company incorporated in the Cayman Islands in 2024, with headquarters in Fort Lauderdale, Florida. The company’s objective is to effect a business combination in the pharmaceutical industry, focusing on on-shoring manufacturing and distribution of critical drugs within the United States.
| Metric | Value |
|---|---|
| Share Price (2025-09-25) | $10.27 |
| Daily Change | –0.39 % |
| Volume | 100,116 |
| Average Volume | 13,116 |
| Volume vs. Avg. | +663.31 % |
| Exchange | NASDAQ Global Market |
| Ticker | DMAA |
| Korean Name | 드럭스 메이드 인 아메리카 어퀴지션 |
Corporate Structure and Leadership
As a special purpose acquisition company (SPAC), DMAA operates with a streamlined structure focused on identifying and executing mergers or acquisitions. The board and executive team are led by Chief Executive Officer and Executive Chair Lynn Stockwell. In February 2025, the company announced the formation of an advisory team which includes:
- Charles C. Conaway, former President of CVS Corporation
- Paul J. Mastronardi, third-generation greenhouse grower and distributor
- Edward A. Robinson, former CEO of BMW Financial Services N.A.
These appointments aim to utilize industry expertise and relationships to source a revenue-generating pharmaceutical business.
Pharmaceutical Manufacturing by Walter Otto
News and Corporate Developments
On February 18, 2025, DMAA’s underwriter fully exercised the IPO overallotment option, increasing gross proceeds from $200 million to $230 million. The units began trading on January 28, 2025, under the ticker DMAAU.
On February 20, 2025, holders were permitted to separate the units into ordinary shares and rights, which now trade under DMAA and DMAAR, respectively.
On August 14, 2025, Karpus Management, Inc. filed an amendment to Schedule 13G reporting ownership of 2,744,109 shares (8.19 %).
Financial and Strategic Analysis
As of mid-August 2025, DMAA held approximately $10.00 per share in trust, pending the identification and closing of a business combination. The company has no operating revenues or product pipeline. Its value proposition is based on the $230 million in capital raised through its IPO and overallotment exercise. Strategic priorities include:
- Acquiring a revenue-generating pharmaceutical business to build an “End to End” production platform.
- On-shoring manufacturing to address supply-chain resilience, job creation, and national security concerns.
- Leveraging advanced manufacturing technologies for critical drugs.
Risk factors noted in SEC filings highlight the uncertainties associated with SPAC transactions, including the absence of a specific target and the reliance on forward-looking statements.
Market Position and Industry Context
DMAA operates in the SPAC segment focused on pharmaceuticals, attracting investor interest amidst concerns over U.S. pharmaceutical supply-chain vulnerabilities. Competition includes other blank check companies targeting biotech or healthcare sectors, as well as traditional players in contract manufacturing and generics. DMAA’s focus on domestic production corresponds with federal and private initiatives to diversify drug manufacturing away from concentrated overseas sites.
tl;dr
On February 18, 2025, DMAA increased IPO proceeds to $230 million through full exercise of its overallotment option. Two days later, ordinary shares (DMAA) and rights (DMAAR) began separate trading following unit separation. The company formed an advisory team on February 24, 2025, to identify a revenue-generating pharmaceutical target for its on-shoring production platform. As of September 25, 2025, DMAA shares trade at $10.27, with trading volume up 663.31 % over the trailing average. The SPAC continues to hold trust assets at approximately $10 per share while pursuing acquisitions in the U.S. pharmaceutical sector.
