There’s a new SPAC on the Nasdaq. And they’re looking to do a deal for domestic drug manufacturing.

‍What’s happening:‍

  • Drugs Made In America (NASDAQ: DMAAU) has successfully raised $230M USD through an IPO and began trading on the Nasdaq

By the numbers:‍

  • Drugs Made In America raised $230M USD at $10 USD per common share
  • Each unit in the IPO financing represents one common share of Drugs Made In America and one right to receive 1/8th of an ordinary share upon completing a business combination

Why it matters:‍

  • This is one of the first ever SPACs to list on a major stock exchange in the United States that has been purpose built for merging with a large scale American pharmaceutical and drug manufacturing business

Going deeper:‍

  • Drugs Made In America has also just recently formed a new advisory team to pursue finding the right private company to merge with, which is being led by Charles C. Conaway who was formerly the president of CVS

‍