DMAAR · Drugs Made In America Acquisition Corp. Ordinary Shares

Drugs Made in America Acquisition Corp., a Nasdaq-listed SPAC, signed a letter of intent on April 7, 2026, with Power Analytics Global Corp. outlining a proposed de-SPAC transaction that would take the Target public with an implied pre-money equity value of $1 billion. This valuation is preliminary and adjustable based on due diligence findings, capital structure, net debt, working capital targets, and prevailing market conditions, with final terms including share exchange ratios and possible earn-outs to be set in the definitive Business Combination Agreement. The structure follows standard SPAC practices, incorporating protections for the Trust Account—no recourse claims against it—and a minimum cash condition of $25-50 million post-redemptions to ensure sufficient liquidity at closing. Additional capital via PIPE investments may be pursued independently of trust proceeds. The LOI emphasizes good-faith negotiations toward SEC filings like a Form S-4 proxy/prospectus, while remaining non-binding except for trust waivers, confidentiality, and third-party beneficiary rights for trust stakeholders. Sponsor support for extending the SPAC's combination deadline may be needed, highlighting execution risks typical in de-SPAC processes amid redemptions and market volatility.