Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 23

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 23
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 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 case that
additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the Business Combination,
the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted
basis, approximately 25% of the total number of Class A ordinary shares outstanding after such conversion (not including the Class A
ordinary shares underlying the Private Placement Warrants), including the total number of Class A ordinary shares issued, or deemed issued
or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection
with or in relation to the consummation of the Business Combination, excluding any Class A ordinary shares or equity-linked securities
or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the Business Combination
and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of working capital loans, provided that
such conversion of Founder Shares will never occur on a less than one-for-one basis.

Warrants
— As of June 30, 2025, there were 14,075,000 warrants issued including 8,625,000 Public Warrants, issued as part of
the Units and 5,450,000 Private Placement Warrants. Each whole Public Warrant entitles the registered holder to purchase one Class A
ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion
of the initial Business Combination. Pursuant