Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 4

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 4
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 30, 2027), 18 months from the closing of the Initial Public Offering (or 21 months from the closing of the Initial Public
Offering if the Company has executed a definitive agreement for an initial Business Combination within 18 months of the Initial Public
Offering) to complete a Business Combination (the “Combination Period”). However, if the Company anticipates that it may not
be able to consummate a Business Combination within 18 months (or 21 months from the closing of the Initial Public Offering if the Company
has executed a definitive agreement for an initial Business Combination within 18 months of the Initial Public Offering) from the closing
of the Initial Public Offering, the Company may, but is not obligated to, by resolution of the board if requested by the initial shareholders,
extend the period of time to consummate a Business Combination by seeking shareholder approval to amend the Amended and Restated Memorandum
and Articles of Association to extend the date by which the Company must consummate the initial Business Combination. If the Company seeks
shareholder approval for an extension, holders of Public Shares will be offered an opportunity to redeem their shares, regardless of whether
they abstain, vote for, or against, the Company’s initial Business Combination, at a per share price, payable in cash, equal to
the aggregate amount then on deposit in the Trust Account, including interest earned thereon (which interest shall be net of amounts not
previously released to the Company pursuant to permitted withdrawals), divided by the number of then issued and outstanding Public Shares,
subject to applicable law. For the avoidance of doubt, the time to complete a Business Combination shall not be extended beyond 18 months
(or 21 months from the closing of the Initial Public Offering if the Company has executed a definitive agreement for an initial Business
Combination within 18 months of the Initial Public Offering) without a shareholder vote. Cohen & Company Capital Markets (the “Representative”),
a division of J.V.B. Financial Group, LLC, and Clear Street LLC (collectively, the “Underwriters”) have agreed to waive their
rights to their deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination
within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will
be available to fund the redemption of the Public Shares.

In order to protect the amounts held in the Trust
Account, the Sponsor has agreed that it will