Drugs Made In America Acquisition, a blank check company targeting pharmaceutical businesses in the US, lowered the proposed deal size for its upcoming IPO on Thursday.
The Fort Lauderdale, FL-based company now plans to raise $200 million by offering 20 million units at $10, down from 50 million units. Each unit now consists of one share of common stock and one right to receive one-eighth of a share, up from one-tenth, upon the completion of an initial business combination. At the revised terms, Drugs Made In America Acquisition will raise 60% less in proceeds than previously anticipated.
Drugs Made In America Acquisition is led by CEO and Chair Lynn Stockwell, the founder and Chair of 2022 direct listing Bright Green (BGXX; -99% from Nasdaq reference price), and CFO Glenn Worman, a partner at SeatonHill Partners and the CFO of Insight Acquisition (INAQ; -9% from $10 offer price), which has a pending merger agreement with analytics firm Alpha Modus. The SPAC plans to target a pharmaceutical business in the US.
Drugs Made In America Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol DMAAU. Clear Street is the sole bookrunner on the deal.
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