DMAARMEDIUM SIGNALMANAGEMENT10-K

DMAAR's CFO Glenn Worman resigned in October 2025, while the SPAC achieved unit separation and reduced current liabilities by over half.

The CFO departure during a critical period for this pharmaceutical-focused SPAC introduces leadership uncertainty as the company seeks its initial business combination. The unit separation milestone in February 2025 represents normal SPAC progression, allowing investors to trade shares and warrants independently, though management changes during this phase could complicate deal execution.

Comparing 2026-04-15 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows a meaningful reduction in current liabilities from $796K to $376K, suggesting improved near-term financial positioning. This decline in short-term obligations indicates better liquidity management as the SPAC continues operating while searching for acquisition targets. The overall financial picture reflects a leaner liability structure, though typical SPAC burn rates mean cash management remains critical.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-52.7%
$796K→$376K

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-03-31
ADDED
As of April 15, 2026, the registrant had 33,717,143 ordinary shares outstanding (inclusive of shares included in outstanding units).
On June 17, 2024, we issued to Drugs Made In America Acquisition LLC, our sponsor, an aggregate of 22,361,111 ordinary shares (the founder shares ) for an aggregate purchase price of $35,000, or approximately $0.0016 per share.
Simultaneously with the closing of the IPO, we consummated the private placement with our sponsor of 400,000 units (the Private Placement Units ) at a price of $10.00 per unit, for $4,000,000.
There is no guarantee that our shareholders at the extraordinary general meeting will approve this proposal.
Recent Developments The ordinary shares and rights comprising the units began separate trading on February 25, 2025.
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REMOVED
As of March 28, 2025, the registrant had 33,517,143 ordinary shares outstanding (inclusive of shares included in outstanding units).
On June 17, 2024, we issued to the sponsor an aggregate of 22,361,111 ordinary shares (the founder shares ) for an aggregate purchase price of $35,000, or approximately $0.0016 per share.
Our initial business combination and value creation strategy will be to identify, acquire and, after our initial business combination, assist in the growth of a pharmaceutical business in the United States.
Business Strategy Our acquisition and value creation strategy is to identify, acquire and, after our initial business combination, further accelerate the growth of a company in the pharmaceutical industry.
We believe our management team s knowledge, decades of experience and relationships across this industry can effect a positive transformation or augmentation of an existing business model through implementing proven business strategies within the pharmaceutical industry.
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