DMAA to merge with Power Analytics Global Corp at $1.0B valuation
Drugs Made In America Acquisition Corp. (DMAA), a SPAC, entered into a Definitive Merger Agreement with Power Analytics Global Corp (PAGC), an AI, advanced analytics, and quantum-resistant security solutions company, on April 29, 2026. The merger contemplates a target enterprise valuation of PAGC at $1.0 billion, subject to a Valuation Milestone Schedule and a Floor Valuation of $300 million. Post-closing, former PAGC shareholders are expected to hold approximately 90% of the combined entity, with existing DMAA shareholders holding about 10%, prior to any PIPE dilution. DMAA aims to deliver a minimum of $30 million in cash at closing, with a lower threshold of $15 million, and an amendment to the agreement was made on April 30, 2026, to address certain inconsistencies.
Key Highlights
- Definitive Merger Agreement signed on April 29, 2026, between DMAA and Power Analytics Global Corp.
- Target enterprise valuation of Power Analytics Global Corp is $1.0 billion.
- Merger includes a Floor Valuation of $300 million for Power Analytics Global Corp.
- Expected post-closing ownership: ~90% for former PAGC shareholders, ~10% for existing DMAA shareholders (pre-dilution).
- Target minimum cash at closing is $30 million, with flexibility to close at not less than $15 million.
- Amendment No. 1 to the Merger Agreement was signed on April 30, 2026, to correct inconsistencies.