Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 16

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 16
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 the closing of the Company’s initial Business Combination,
only holders of Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing in a jurisdiction
outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional
documents, in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

The Founder Shares will automatically convert
into Class A ordinary shares immediately prior to, concurrently with or immediately following the consummation of the initial Business
Combination or at any time prior thereto at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case
that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold
in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which
Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class
B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary
shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of
all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued
pursuant to the Underwriters’ over-allotment option and excluding the Class A ordinary shares underlying the Private Placement Warrants
issued to the Sponsor and the Underwriters), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued
in connection with the Company’s initial Business Combination (excluding any shares or equity-linked securities issued, or to be
issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Company’s
Sponsor or any of its affiliates or to the Company’s officers and directors upon conversion of working capital loans) minus (iii)
any redemptions of Class A ordinary shares by Public Shareholders in connection with an initial Business Combination; provided that such
conversion of Founder Shares will never occur on a less than one-for-one basis.

13

DIGITAL ASSET ACQUISITION CORP. 

NOTES TO