DMAAR · Drugs Made In America Acquisition Corp. Ordinary Shares

On April 29, 2026, Drugs Made In America Acquisition Corp. (DMAA), a SPAC, entered into a definitive merger agreement with Power Analytics Global Corp (PAGC), a Delaware corporation specializing in AI, advanced analytics, and quantum-resistant security. The transaction implies a target enterprise valuation of $1.0 billion for PAGC, subject to a Valuation Milestone Schedule based on the aggregate value of verified, signed revenue contracts delivered at or prior to closing. A floor valuation of $300 million provides DMAA with a renegotiation or termination right if PAGC's valuation falls below that threshold. Post-closing, former PAGC shareholders are expected to hold approximately 90% of the surviving entity, with existing DMAA shareholders holding about 10%, prior to any PIPE dilution. DMAA is required to use commercially reasonable efforts to deliver at least $15 million in cash at closing (target $30 million) from its trust account or PIPE financing. The merger is subject to customary conditions, including DMAA shareholder approval, SEC registration statement effectiveness, Nasdaq listing, and PAGC's delivery of an intellectual property schedule and active GSA CAGE Code. Two amendments on April 30, 2026 corrected the governing law to Delaware, clarified termination provisions, and completed notice addresses. The transaction provides DMAA with a path to combine with a technology company in AI and cybersecurity, while PAGC gains access to public markets. Key risks include shareholder approval, market conditions affecting redemptions and PIPE financing, and PAGC's ability to deliver verified revenue contracts to support the target valuation.