Drugs Made In America Acquisition II Corp. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Accounts Receivable: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Accounts Receivable: not reported
- Finance Lease Liability: not reported
- Inventory: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-300,641 | $-0.02 |
| Liquid Liquidation Value | $-300,641 | $-0.02 |
| Operating Liquidation Value | $-300,641 | $-0.02 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $223 |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities | $300,864 |
| Long-term Debt | N/A |
| Op. Lease Liability | N/A |
| Finance Lease | N/A |
| Shares Outstanding | 13.7M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $223 | N/A | N/A | $99,359 | $300,864 | N/A | N/A | N/A |
| 2025-09-30 | $630,174 | N/A | N/A | $4,592 | $677,345 | N/A | N/A | N/A |
| 2024-12-31 | $34,070 | N/A | N/A | N/A | $254,783 | N/A | N/A | N/A |
SEC Filings
AI Insights
DMII is a Cayman Islands blank check SPAC incorporated August 23, 2024, that completed its $500M IPO on September 26, 2025. As of December 31, 2025, total assets are $505.0M, of which $504.9M (99.98%) is cash and investments held in a grantor trust account, restricted to SPAC-specific uses. Unrestricted operating cash is $223. Under a liquidation lens applied to the non-trust perimeter, recovery to non-redeeming equity is deeply negative: total face-value liabilities of $17.8M against an unrestricted asset base of $26K (current assets ex-trust). The trust assets are ring-fenced for public shareholder redemption at $10.10/share and cannot be used to satisfy operating liabilities without a business combination or formal liquidation vote. On a whole-entity liquidation basis, the $504.9M trust (100% liquid, held in U.S. Treasury money market funds, Level 1) would be applied first to the $504.9M redemption obligation for 50M public shares; the residual for non-trust claimants is effectively zero before even addressing the $17.5M deferred underwriting fee. The deferred underwriting fee ($17.5M, 98.3% of total non-current liabilities) is payable only upon a completed business combination; if the company liquidates without a deal, underwriters have agreed to waive this claim and it collapses to zero, which is a meaningful relief to the liquidation stack. Current liabilities are $300.9K: accounts payable $99.4K, accrued expenses $88.3K, accrued offering costs $113.2K. A material governance event occurred: the Sponsor withdrew $1.35M from working capital post-IPO, of which $812K remains unrecovered; the company has fully reserved this as a provision for credit losses. The former CEO was removed February 28, 2026 following the board's discovery that the Sponsor could not repay. Post-period, the company issued a $150K bridge note and a $300K convertible note to a third-party investor at a 35% discount to market upon conversion. Going concern doubt is formally disclosed. The filing does not separately XBRL-tag the due-from-sponsor gross receivable balance ($812K) nor the bridge/convertible notes issued post-period; both are described in MD&A/footnotes only.
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