Drugs Made In America Acquisition updates merger terms with Power Analytics Global
Drugs Made In America Acquisition updates merger terms with Power Analytics Global
Drugs Made In America Acquisition Corp. (NASDAQ:DMAA) announced Wednesday that it has amended its merger agreement with Power Analytics Global Corp. (PAGC), according to a press release statement and SEC filing. The company’s units currently trade at $11.11 with a market capitalization of $263.89 million, though InvestingPro analysis suggests the stock may be overvalued relative to its Fair Value.
The amendment, approved by both companies’ boards, adjusts the valuation and closing conditions of the proposed business combination. The original agreement, signed September 8, 2026, set a closing valuation of $2.85 billion for PAGC, contingent on its acquisition of APQC Inc and the UltraSolar intellectual property. The completion of the APQC acquisition remains a condition for closing at this valuation.
Under the new amendment, if the APQC acquisition is not completed by November 1, 2026, or if the related agreement is terminated, or if the company’s independent directors determine the acquisition cannot be completed, the closing valuation will automatically revert to $1.71 billion, reflecting PAGC’s standalone business as of October 13, 2026. In this scenario, the merger consideration will be paid entirely in shares of Drugs Made In America Acquisition Corp., with no earnout or contingent payments.
The amendment also allows for the possibility of increasing the closing valuation if PAGC acquires additional assets before closing. Any increase would require approval from independent directors, a supplemental fairness opinion, and a further written amendment. The total valuation, including any additional assets, cannot exceed $2.85 billion.
The fairness opinion requirement has also been updated. Following the termination of a previous independent firm’s engagement on October 2, 2026, the company’s board engaged Joel A. Gallo as an independent evaluator and financial advisor on October 12, 2026. Mr. Gallo is expected to deliver an opinion on the fairness of the transaction at the standalone valuation by October 26, 2026, pending receipt of necessary information. As of the filing date, no opinion has been delivered, and its issuance remains a closing condition.
Drugs Made In America Acquisition Corp. trades on the Nasdaq under the symbols DMAA (Ordinary Shares), DMAAU (Units), and DMAAR (Rights). This information is based on a press release statement filed with the Securities and Exchange Commission.