Tearsheet

Drugs Made In America Acquisition II (DMII)


Market Price (6/1/2026): $10.06 | Market Cap: $640.8 Mil
Sector: Financials | Industry: Multi-Sector Holdings

Drugs Made In America Acquisition II (DMII)


Market Price (6/1/2026): $10.06
Market Cap: $640.8 Mil
Sector: Financials
Industry: Multi-Sector Holdings

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Low stock price volatility
Vol 12M is 2.0%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics. Themes include Domestic Biopharmaceutical Manufacturing, and Biopharmaceutical Supply Chain Security.

Trading close to highs
Dist 52W High is -0.1%, Dist 3Y High is -0.1%

Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -81%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.3 Mil

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 75x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%

Key risks
DMII key risks include [1] failing to complete a business combination, Show more.

0 Low stock price volatility
Vol 12M is 2.0%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics. Themes include Domestic Biopharmaceutical Manufacturing, and Biopharmaceutical Supply Chain Security.
2 Trading close to highs
Dist 52W High is -0.1%, Dist 3Y High is -0.1%
3 Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -81%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.3 Mil
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 75x
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%
8 Key risks
DMII key risks include [1] failing to complete a business combination, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 5/1/2026
Drugs Made In America Acquisition II (DMII) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Stable SPAC Valuation Due to Absence of Business Combination. The core reason for DMII's largely unchanged stock price is its status as a Special Purpose Acquisition Company (SPAC) that has not yet announced a business combination. As a pre-merger SPAC, the stock typically trades near its trust value of approximately $10.00 per share, reflecting the cash held for eventual acquisition or liquidation. DMII closed at $10.07 on May 27, 2026, and $10.06 on May 31, 2026, staying within a narrow 52-week range of $9.86 to $10.07.

2. Governance Issues and CEO Termination. The company experienced significant governance issues leading to the termination of CEO and Executive Chair Lynn Stockwell on February 28, 2026. This was due to improper trust withdrawals by the sponsor exceeding $1.3 million, which included an apparent $566,269 overpayment and at least $200,000 for expenses unrelated to the SPAC. Roger Bendelac was appointed as the new CEO on the same date. This leadership shake-up and financial impropriety likely dampened investor confidence and prevented any potential speculative premium.

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Stock Movement Drivers

Fundamental Drivers

The 0.8% change in DMII stock from 2/28/2026 to 5/31/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)22820265312026Change
Stock Price ($)9.9810.060.8%
Change Contribution By: 
Total Revenues ($ Mil)00.0%
Net Income Margin (%)∞%0.0%
P/E Multiple74.70.0%
Shares Outstanding (Mil)3064-53.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 5/31/2026
ReturnCorrelation
DMII0.8% 
Market (SPY)10.6%2.5%
Sector (XLF)0.8%8.8%

Fundamental Drivers

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Market Drivers

11/30/2025 to 5/31/2026
ReturnCorrelation
DMII  
Market (SPY)11.3%-3.5%
Sector (XLF)-2.4%-11.4%

Fundamental Drivers

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Market Drivers

5/31/2025 to 5/31/2026
ReturnCorrelation
DMII  
Market (SPY)29.8%-3.5%
Sector (XLF)2.8%-11.4%

Fundamental Drivers

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Market Drivers

5/31/2023 to 5/31/2026
ReturnCorrelation
DMII  
Market (SPY)88.1%-3.5%
Sector (XLF)70.5%-11.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DMII Return----0%2%2%
Peers Return0%0%0%0%0%-16%-16%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
DMII Win Rate----100%80% 
Peers Win Rate0%0%0%0%0%53% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
DMII Max Drawdown------1% 
Peers Max Drawdown0%0%0%0%0%-80% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACAA, ALUB, ARCI, ARTC, BHAV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)

How Low Can It Go

DMII has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to ACAA, ALUB, ARCI, ARTC, BHAV

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

DMII has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to ACAA, ALUB, ARCI, ARTC, BHAV

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Drugs Made In America Acquisition II (DMII)

Drugs Made In America Acquisition II Corp. is a blank check company newly incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses, which we refer to throughout this prospectus as our “initial business combination.” To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. While we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search for businesses in the pharmaceutical industry. We have assembled a strong management team with a broad network of connections and corporate relationships across the pharmaceutical industry. We are confident that we will be able to use our individual experiences as well as our networks to achieve success. Together, we will formulate an all-encompassing plan for growth, one that accounts for both organic expansion and expansion via mergers and acquisitions. In the end, we will attempt to transform our target company into a widely respected industry leader by leveraging the benefits of becoming a public company, including access to finance and equity for expansion. At the same time, we will endeavor to generate excellent returns for our shareholders. Our executive offices are located in Fort Lauderdale, FL.

AI Analysis | Feedback

Here are a couple of brief analogies for Drugs Made In America Acquisition II (DMII):

  • It's like a highly specialized **private equity fund** whose sole mission is to find, acquire, and then take public one promising private pharmaceutical company.
  • Think of it as a **talent scout** (like for a sports team or a record label) specifically looking for *one* breakout star in the private pharmaceutical industry to 'sign' and make into a publicly traded leader.

AI Analysis | Feedback

  • Business Combination Facilitation: Identifying, negotiating, and executing mergers, acquisitions, or other business combinations with private companies, with a focus on the pharmaceutical industry.
  • Public Listing Sponsorship: Providing a pathway for a private company to become a public entity, offering access to public finance and equity for expansion.
  • Strategic Growth Planning: Developing and implementing plans for organic expansion and growth via mergers and acquisitions for the acquired target company.

AI Analysis | Feedback

Drugs Made In America Acquisition II (DMII) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole purpose, as described, is to effect a business combination (e.g., merger or acquisition) with an operating business. As of the provided description, DMII has not yet selected or acquired any specific business combination target. Therefore, it does not currently have any operating business, products, or services to sell. Consequently, **Drugs Made In America Acquisition II does not have any major customers at this time.**

AI Analysis | Feedback

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AI Analysis | Feedback

Here is the management team for Drugs Made In America Acquisition II (symbol: DMII):

Roger Bendelac, Chief Executive Officer

Mr. Bendelac was appointed Chief Executive Officer of Drugs Made In America Acquisition II Corp. on February 28, 2026. He possesses over 30 years of experience in investment banking, capital markets, and corporate advisory services. Since 2015, Mr. Bendelac has been involved in corporate advisory and investment activities through various entities under his direction, focusing on capital formation, mergers and acquisitions, public company structuring, and cross-border transactions. His past and current roles include serving as a consultant with Silverbear Inc. since September 2025, a director for Apex AI Solutions Limited since September 2025, and secretary of RB Consulting Group Ltd. since April 2023. He has also served as a director for Opencap Global Inc. since March 2018 and has been a business consultant, president, and director of SP Associates Corp. since March 2016.

Glenn Worman, Chief Financial Officer

Mr. Worman serves as the Chief Financial Officer for Drugs Made In America Acquisition II Corp. He is a highly experienced financial services executive with almost four decades of experience, known for providing strong leadership and strategic execution across various businesses. His career includes significant roles at Merrill Lynch, Morgan Stanley, Deutsche Bank, and as President and CFO of National Holdings, a public corporation. Mr. Worman is also a partner at SeatonHill Partners and has held the position of CFO for Insight Acquisition (NYSE: INAQ). He is skilled in organizational analysis, implementing change, ensuring financial controls and liquidity, and advising executive management on business direction through thorough financial analysis.

Charles C. Conaway, Advisory Team

Mr. Conaway is a member of the Advisory Team for Drugs Made In America Acquisition II Corp. He has held prominent leadership positions, including former President of CVS Corporation, where he was instrumental in its restructuring to become a stand-alone public company and transformed it into a major U.S. healthcare company. In 1989, he co-founded Reliable Drug Stores Inc., growing it into a $400 million chain as executive vice president and chief operating officer. He also served as executive vice president and chief financial officer of CVS and its parent company, Melville Corporation, and successfully integrated the Revco and Arbor Drugs acquisitions into CVS. From 2000, he was chairman and CEO of Kmart Corporation, where he initiated restructuring efforts. Mr. Conaway is currently the chairman of The Sabre group, a private capital business that operates, acquires, and originates businesses across health, consumer, and other sectors. It is important to note that he faced legal scrutiny from the U.S. Securities and Exchange Commission regarding alleged disclosure and oversight failures at Kmart and was ordered to pay over $10 million in disgorgement, prejudgment interest, and civil penalties.

Paul J. Mastronardi, Advisory Team

Mr. Mastronardi is part of the Advisory Team for Drugs Made In America Acquisition II Corp. He is a third-generation grower and distributor within the North American greenhouse industry, bringing extensive experience in sales, strategic growth, and customer relationship management. As President and CEO of Mastronardi Produce, a family-owned company with over 70 years of history, he has been a pioneer in high-tech vegetable growing and has worked to revolutionize the berry industry. He was involved in the expansion of Mastronardi Produce into the U.S. market and introduced product traceability. In 2003, Paul Mastronardi pioneered high-tech berry growing, leading to the launch of premium greenhouse strawberries. Mastronardi Produce acquired full and exclusive North American rights to Mastronardi BerryWorld® America from BerryWorld® Group, a joint venture established in 2018.

Dr. G. Sridhar Prasad, Independent Director

Dr. Prasad serves as an Independent Director for Drugs Made In America Acquisition II Corp. He is the founder of Plex Pharmaceuticals, Inc., where he served as Director and Chief Scientific Officer from 2009 to 2022. Additionally, he founded Nnavata LLC. He is currently a Director at Brain Cancer Research Institute, a role he has held since 2024. From 2022 to 2024, Dr. Prasad was the Director & Head-Protein Science at Ventus Therapeutics U.S., Inc. He holds a doctorate from the Indian Institute of Science. Dr. Prasad has been a core member of numerous drug discovery teams, contributing to the discovery of drugs and drug candidates currently in various stages of preclinical and clinical development. Notably, he was the lead crystallographer and a core team member in the discovery of NESINA, a drug for type II diabetes, at Syrrx (Takeda), which was one of the first drugs discovered using structure-based methods at the company. He also developed and implemented fragment-based crystallography screening technology platforms at Syrrx (Takeda), Merck, and Metabasis. Dr. Prasad is also the founder and Vice President of Research at CalAsia Pharmaceuticals Inc., a drug discovery company focused on neurological disorders and ocular diseases, which has secured NIH grants and private funding. He has co-authored over 45 peer-reviewed research articles and holds 6 U.S. and international patents.

AI Analysis | Feedback

The key risk to Drugs Made In America Acquisition II (DMII) is its inability to consummate an initial business combination within the required timeframe.

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

For Drugs Made In America Acquisition II (DMII), a blank check company aiming to acquire a business in the pharmaceutical industry, the expected drivers of future revenue growth over the next 2-3 years are directly tied to its strategic objectives post-acquisition. As a Special Purpose Acquisition Company (SPAC), DMII currently has no revenue-generating operations. Its future revenue growth will stem from the performance and strategic execution of the company it eventually acquires. Based on its stated intentions and focus, the key drivers are:

  1. Successful Completion of an Initial Business Combination: The most fundamental driver for DMII's future revenue is the successful identification and acquisition of a proven industry leader within the pharmaceutical sector. Without completing a business combination, DMII will not generate revenue.
  2. Expansion in Strategic On-shoring of Pharmaceutical Manufacturing: DMII intends to focus on acquiring companies that can reduce America's reliance on offshore pharmaceutical production through strategic on-shoring of advanced domestic manufacturing technologies for critical drugs. This initiative is expected to drive revenue growth by addressing supply chain vulnerabilities and expanding domestic market share.
  3. Organic Expansion of the Acquired Pharmaceutical Business: Following its initial business combination, DMII plans to pursue organic growth strategies for the acquired entity. This includes efforts to expand the core operations, customer base, and market penetration of the target company within the pharmaceutical industry.
  4. Growth Through Mergers and Acquisitions (M&A) by the Combined Entity: DMII's strategy includes a plan for expansion via mergers and acquisitions post-business combination, aiming to transform its target company into a widely respected industry leader. This approach suggests that future revenue growth will also be fueled by strategic consolidation and further acquisitions by the merged entity.
  5. Leveraging Public Company Status for Enhanced Capital Access: By becoming a public company, the acquired entity will gain access to finance and equity for expansion. This access to capital is a crucial driver, enabling investments in research and development, manufacturing capabilities, and market expansion initiatives to accelerate revenue growth.

AI Analysis | Feedback

Share Issuance

  • Drugs Made In America Acquisition II Corp. completed its Initial Public Offering (IPO) on September 25, 2025, raising $500,000,000.
  • The company issued units consisting of ordinary shares and rights as part of its IPO.
  • A private placement of units was conducted concurrently with the initial public offering.

Inbound Investments

  • As of March 2026, approximately $507.8 million of the IPO proceeds remains in the company's trust account.
  • The company raised $500,000,000 through its Initial Public Offering in September 2025.

Trade Ideas

Select ideas related to DMII.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EEFT_4302026_Dip_Buyer_ValueBuy04302026EEFTEuronet WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V204242026HOMBHome BancSharesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
1.5%1.5%0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K03312026HBANHuntington BancsharesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
7.1%7.1%0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K03312026NPNeptune InsuranceInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
3.9%3.9%0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper03272026JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.3%0.3%-4.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

DMIIACAAALUBARCIARTCBHAVMedian
NameDrugs Ma.Averin C.Alussa E.Archimed.Art Tech.BHAV Acq. 
Mkt Price10.069.9810.039.99-9.929.99
Mkt Cap0.6-0.4---0.5
Rev LTM0-----0
Op Inc LTM-1------1
FCF LTM-1------1
FCF 3Y Avg-------
CFO LTM-1------1
CFO 3Y Avg-------

Growth & Margins

DMIIACAAALUBARCIARTCBHAVMedian
NameDrugs Ma.Averin C.Alussa E.Archimed.Art Tech.BHAV Acq. 
Rev Chg LTM-------
Rev Chg 3Y Avg-------
Rev Chg Q-------
QoQ Delta Rev Chg LTM-------
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-------
CFO/Rev 3Y Avg-------
FCF/Rev LTM-------
FCF/Rev 3Y Avg-------

Valuation

DMIIACAAALUBARCIARTCBHAVMedian
NameDrugs Ma.Averin C.Alussa E.Archimed.Art Tech.BHAV Acq. 
Mkt Cap0.6-0.4---0.5
P/S-------
P/Op Inc-477.1------477.1
P/EBIT-477.1------477.1
P/E74.7-----74.7
P/CFO-577.0------577.0
Total Yield1.3%-----1.3%
Dividend Yield0.0%-0.0%---0.0%
FCF Yield 3Y Avg-------
D/E0.0-0.0---0.0
Net D/E0.0--0.0----0.0

Returns

DMIIACAAALUBARCIARTCBHAVMedian
NameDrugs Ma.Averin C.Alussa E.Archimed.Art Tech.BHAV Acq. 
1M Rtn0.4%0.4%0.3%0.7%-0.4%0.4%
3M Rtn0.8%-0.7%0.0%1.4%-0.6%0.6%
6M Rtn1.8%-0.7%0.5%1.4%-0.6%0.6%
12M Rtn1.8%-0.7%0.5%1.4%-0.6%0.6%
3Y Rtn1.8%-0.7%0.5%1.4%-0.6%0.6%
1M Excs Rtn-5.7%-5.8%-5.9%-5.4%--5.8%-5.8%
3M Excs Rtn-9.4%-10.9%-10.2%-8.8%--9.6%-9.6%
6M Excs Rtn-10.2%-12.7%-11.5%-10.6%--11.4%-11.4%
12M Excs Rtn-26.9%-29.4%-28.2%-27.3%--28.1%-28.1%
3Y Excs Rtn-81.0%-83.5%-82.3%-81.4%--82.2%-82.2%

Comparison Analyses

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Financials

Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 430202645.7%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity63.7 Mil
Short % of Basic Shares0.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/14/202610-Q
12/31/202504/15/202610-K
09/30/202511/18/202510-Q
06/30/202509/25/2025424B4
03/31/202507/21/2025S-1

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stockwell, LynnCEO and Exe. Chair of BoardSee FootnoteBuy100120250.00700,000  Form
2Stockwell, LynnCEO and Exe. Chair of BoardSee FootnoteSell100120250.007,966,667  Form
3Drugs, Made IN America Acquisition II LlcDirectBuy100120250.00700,000  Form
4Drugs, Made IN America Acquisition II LlcDirectSell100120250.007,966,667  Form
Core Cache Last Updated: 5/31/2026