Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 21

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 21
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 shares with a par value of $0.0001 per share. Holders of Class B
ordinary shares are entitled to one vote for each share. As of March 31, 2025 and December 31, 2024, there were 5,750,000 shares
of Class B ordinary shares issued and outstanding. Of the 5,750,000 shares of Class B ordinary shares outstanding, up to 750,000 shares
were subject to forfeiture to the extent that the Underwriter’s over-allotment option was not exercised in full or in part, so that
the initial shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public
Offering. On April 30, 2025, the Underwriters exercised the over-allotment option in full, so those shares are no longer subject
to forfeiture.

Ordinary shareholders of record are entitled to
one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares
and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s
shareholders except as required by law. Prior to the closing of the initial Business Combination, only holders of Class B ordinary shares
(i) will have the right to appoint and remove directors prior to or in connection with the completion of the initial Business Combination
and (ii) will be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution
required to amend 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). On any other matters submitted to a vote of shareholders prior to
or in connection with the completion of the initial Business Combination, holders of the Class B ordinary shares and holders of the Class
A ordinary shares will vote together as a single class, except as required by law.

The Founder Shares will automatically convert
into Class A ordinary shares immediately prior to, concurrently with or immediately following the consummation of a Business Combination,
and may be converted at any time prior to the Business Combination, at the option of the holder, on a one-for-one basis (unless otherwise
provided in the Business Combination agreement), subject to adjustment for share subdivisions, share dividends, reorganizations, recapitalizations
and the like, and subject to further adjustment as provided herein. In the