Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 43

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 2
Chunk 43
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, with respect to the shares of Class A ordinary shares
included in the Units sold, the “Public Shares”), including 2,250,000 Units
issued pursuant to the exercise of the Underwriters’ (as defined below) over-allotment option in full, generating gross proceeds
of $172,500,000.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 5,450,000 warrants at a price of $1.00 per warrant (the “Private Placement
Warrants”) generating gross proceeds of $5,450,000. Of the 5,450,000 Private Placement Warrants, the underwriters of the Initial
Public Offering (the “Underwriters”) purchased an aggregate of 1,725,000 Private Placement Warrants and DAAQ Sponsor LLC,
the Company’s sponsor (the “Sponsor”), purchased 3,725,000 Private Placement Warrants.

Following the closing of the
Initial Public Offering on April 30, 2025, an amount of $172,500,000 ($10.00
per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants
was placed in a trust account (the “Trust Account”).

We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest earned on the funds held in the Trust Account and not previously
released to us to pay our taxes (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete
our initial Business Combination. We may withdraw interest to pay our taxes, if any. Our annual income tax obligations will depend on
the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest earned on the amount in
the Trust Account will be sufficient to pay our taxes. We expect the only taxes payable by us out of the funds in the Trust Account will
be income and franchise taxes, if any. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to
complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance
the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

After taking into consideration the consummation
of the Initial Public Offering, we do not believe we will need to raise additional funds in order to