Drugs Made In America Acquisition II Corp.DMII
Cash in trust
$514M
$513,882,333
Trust per share
$10.28
Redemption value
IPO
Sep 2025
$500M raised
Combination deadline
—
Not disclosed
Filings on record
45
Latest Aug 14, 2026
Overview
Drugs Made In America Acquisition II Corp. is a special purpose acquisition company incorporated and registered with the SEC under CIK 0002040475. It completed its initial public offering in Sep 2025, raising $500M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker DMII, units under DMIIU, rights under DMIIR on Nasdaq. The vehicle is sponsored by Drugs Made In America through Drugs Made In America Acquisition II LLC. The mandate targets healthcare. IPO closed, trust funded, no definitive agreement announced.
“we intend to focus our search for business combination targets in the pharmaceutical industry.”
Reading the filings
Arithmetic on what Drugs Made In America Acquisition II Corp. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.19 the shares change hands 0.92% below the $10.28 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.28 per public share, 2.8% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Rights, not warrants
Each unit carried one right per unit. A right converts automatically on closing rather than needing to be exercised at a strike, so it is dilution that arrives whatever the share price does — unlike a warrant, which only bites if the stock works. For a holder redeeming at the trust it is worth nothing either way; for one staying in, it is a certain claim rather than an option.
Sponsor record
Drugs Made In America has launched 2 vehicles, none of which has resolved yet, so there is no completion record to read.
Underwriting
Cantor Fitzgerald led the offering. It has been named on 151 SPAC IPOs, book-running 130 of them, and 69.5% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
45 filings in all. 1 in the last three months, against a busiest month of 18.
Scores
Recomputed 9h agoThree readings of Drugs Made In America Acquisition II Corp., each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
62/100
- Discount to trust68
0.92%
- Trust accretion57
$10.28 per share
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
11/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust33
-0.92%
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
74/100
- Lead bank record71
69.5%
- Bank franchise85
151 SPAC mandates
- Trust scale100
$514M
- Stage40
searching
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Drugs Made In America Acquisition II Corp.
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- 10-Q
Quarterly report
Accession 0001213900-26-090017
- 10-Q
Quarterly report
Accession 0001213900-26-056651
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001213900-26-048687
- 10-K
Annual report
Accession 0001213900-26-044055
- 8-K
Entry into a material definitive agreement
Items 1.01, 2.03, 9.01 · Accession 0001213900-26-039986
- NT 10-K
Late annual report notification
Accession 0001213900-26-038498
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 2.03, 8.01, 9.01 · Accession 0001213900-26-029050
- 8-K
Other events
Item 8.01 · Accession 0001213900-26-024763
- 8-K
Current report
Item 5.02 · Accession 0001213900-26-024387
- 10-Q
Quarterly report
Accession 0001213900-25-112095
- 8-K
Current report
Item 5.02 · Accession 0001213900-25-111706
- NT 10-Q
Late quarterly report notification
Accession 0001213900-25-111209
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-099838
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-25-095513
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-095291
- SCHEDULE 13D
Beneficial ownership report (activist)
Accession 0001213900-25-094944
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-094676
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-094436
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-094430
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-094427
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 5.02, 5.03, 8.01, 9.01 · Accession 0001213900-25-093224
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091842
- 424B4
Final IPO prospectus
Accession 0001213900-25-091724
- EFFECT
Notice of effectiveness
Accession 9999999995-25-003076
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091255
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091254
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091253
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091251
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-091250
- CERT
Exchange listing certification
Accession 0001354457-25-000943
Pro
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Drugs Made In America Acquisition II Corp.: questions answered
What is Drugs Made In America Acquisition II Corp. (DMII)?
Drugs Made In America Acquisition II Corp. is a special purpose acquisition company incorporated and registered with the SEC under CIK 0002040475. It completed its initial public offering in Sep 2025, raising $500M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker DMII, units under DMIIU, rights under DMIIR on Nasdaq. The vehicle is sponsored by Drugs Made In America through Drugs Made In America Acquisition II LLC. The mandate targets healthcare. IPO closed, trust funded, no definitive agreement announced.
How much does Drugs Made In America Acquisition II Corp. hold in trust?
Approximately $513,882,333, or about $10.28 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Drugs Made In America Acquisition II Corp. complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if Drugs Made In America Acquisition II Corp. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Drugs Made In America Acquisition II Corp., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.28 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Drugs Made In America Acquisition II Corp. trade under?
Class A shares trade as DMII on Nasdaq, the units as DMIIU, with rights as DMIIR. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Drugs Made In America Acquisition II Corp.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.28, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.19, a discount of 0.92% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
Who sponsors Drugs Made In America Acquisition II Corp., and what is their track record?
Drugs Made In America Acquisition II LLC is the sponsor entity, part of the Drugs Made In America franchise. That franchise has launched 2 vehicles in total, none of which has resolved yet. Named principals: Lynn Stockwell.
Which banks underwrote the Drugs Made In America Acquisition II Corp. IPO?
Cantor Fitzgerald. Cantor Fitzgerald was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Drugs Made In America Acquisition II Corp. tradeable, and where?
Yes. DMII returned a live quote of $10.19 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Drugs Made In America Acquisition II Corp. a good investment?
That is not a question this site answers. Drugs Made In America Acquisition II Corp. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Drugs Made In America Acquisition II Corp. data come from?
Filings Drugs Made In America Acquisition II Corp. submitted to the SEC under CIK 0002040475: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 21, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Drugs Made In America: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Cantor Fitzgerald in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Healthcare SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs searching for a target
IPO closed, trust funded, no definitive agreement announced.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.