DRUGS M.I.A.ACQ. II

Drugs Made In America Acquisition II closed an interest-free convertible note of $300,000 with Alpha Multi Family Office, with a nine-month term and convertible into shares of the combined company at a conversion price representing a 35% discount to the market price upon a business combination. Proceeds are to be used for accounting, audit and other deal-related costs and supplement a previously issued unsecured convertible note of $150,000 as part of a planned total financing of $1.4 million. The company reported a trust balance of about $507.8 million; at the same time CEO Lynn Stockwell resigned and Roger Bendelac was named the new CEO after improper withdrawals by the sponsor were identified. » More on de.investing.com

The company said after a review that about $507.84 million is held in the trust account. The sponsor made improper withdrawals from the working capital account between the IPO on September 26, 2025, and December 31, 2025, resulting in an overpayment and at least $200,000 used for non-company expenses. The board said the trust account was not impaired and appointed Roger Bendelac as CEO after Lynn Stockwell resigned effective February 28, 2026. The stock trades near its 52-week low; market capitalization is about $654 million. » More on de.investing.com

Drugs Made In America Acquisition II removed Lynn Stockwell from her positions effective Feb. 28, 2026, and appointed Roger Bendelac as the new CEO after it was revealed that the sponsor withdrew a total of $1,100,000 from the working capital account between Sept. 26 and 30, 2025. Withdrawals included repayments and IPO costs; an overpayment of $566,269 was identified and at least an additional $200,000 was then taken for non-company expenses. The board was informed on Feb. 12, 2026, that the sponsor could not repay the overpayment; Bendelac’s compensation has not yet been determined and the information is based on an SEC filing. » More on de.investing.com