Drugs Made In America Acquisition II Corp. removed Lynn Stockwell as Chief Executive Officer, Executive Chair of the Board, and Board member effective February 28, 2026, due to the Sponsor's withdrawal of $1,100,000 from working capital and inability to repay an overpayment of $566,269. Roger Bendelac was appointed as Chief Executive Officer effective the same date.
Key takeaways
Sponsor withdrew $1,100,000 from working capital account between Sep 26-30, 2025, including $325,000 to repay note and $208,000 for offering costs.
Sponsor withdrew additional no less than $200,000 between Sep 30 and Dec 31, 2025, for unrelated expenses as overpayment.
Board directed Sponsor on Feb 12, 2026, to return full $566,269 overpayment, but Sponsor unable to repay.
Lynn Stockwell resigned and was removed as CEO, Executive Chair, and Board member effective Feb 28, 2026.
Roger Bendelac, 69, appointed CEO effective Feb 28, 2026; compensation not yet determined.
No arrangements, family relationships, or related party transactions for Mr. Bendelac.