Drugs Made In America Acquisition II is a SPAC incorporated in the Cayman Islands that raised $500M in its IPO in September 2025, with proceeds held in trust invested in U.S. Treasuries or qualifying money market funds. The SPAC has no operations of its own; its sole purpose is to identify and acquire a private company within 24 months of its IPO close, thereby taking that company public. The stated focus is the U.S. pharmaceutical industry, specifically targeting companies that could reduce American reliance on foreign-sourced drugs and APIs, with an ambition to build a vertically integrated, domestically manufactured pharmaceutical business spanning raw materials, API production, and finished generic drugs. The sponsor acquired founder shares representing 20% of the post-IPO share count for a nominal ~$35,000; these shares become valuable only if a deal closes, creating a strong incentive to complete an acquisition. If no deal closes within 24 months, public shareholders receive ~$10.00 per share back from the trust, while the sponsor's founder shares become worthless. Shortly after the IPO, the SPAC encountered governance problems: the founding CEO, Lynn Stockwell, was removed in February 2026 after the sponsor withdrew ~$812K from the working capital account beyond legitimate reimbursements and was unable to repay the balance. Roger Bendelac was appointed the new CEO. These events raise questions about the SPAC's ability to close a credible acquisition.