Corporate ActionMay 1, 2026, 05:08 PM
DMAA Shareholders Approve Extension; $99.3M Shares Redeemed
AI Summary
Drugs Made In America Acquisition Corp. shareholders approved the Extension Proposal at an Extraordinary General Meeting, extending the date to consummate a business combination up to twelve times, from April 29, 2026, to April 29, 2027. In connection with the vote, holders of 9,440,230 ordinary shares exercised their right to redeem shares, resulting in $99,336,016.67 being removed from the Trust Account. Following the redemption, the company will have 24,276,913 ordinary shares outstanding.
Key Highlights
- Shareholders approved the Extension Proposal to extend the business combination period.
- The Combination Period is extended up to 12 times, from April 29, 2026, to April 29, 2027.
- Sponsor will deposit the lesser of $300,000 or $0.04 per non-redeemed public share for each monthly extension.
- 9,440,230 ordinary shares were redeemed by holders.
- Approximately $99,336,016.67 ($10.52 per share) will be removed from the Trust Account for redemptions.
- The company will have 24,276,913 ordinary shares outstanding after the redemption.
- The Extension Proposal received 18,906,281 votes FOR and 4,892,646 votes AGAINST.
- A quorum was present with 70.58% of shares voted at the Extraordinary General Meeting.