Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 184

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 184
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 (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination,
and (B) the date following the completion of the Company’s initial Business Combination on which the Company completes a liquidation,
merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their Class A ordinary shares for cash, securities or other property.

Due from
Sponsor 

Due
from Sponsor represents excess funds from the purchase of the Private Placement Warrants by the Sponsor that have not yet been deposited
into the Company’s operating account. These funds will be available to the Company for general working capital purposes. On June 30,
2025, the Company’s Due from Sponsor balance was $1,281,540. On August 14, 2025, the outstanding Due from Sponsor balance was fully
settled. Refer to Note 10 for additional details.

Promissory
Note - Related Party

On
December 11, 2024, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public
Offering pursuant to a promissory note (the “Promissory Note”). This loan is non-interest bearing and payable on the earlier
of December 31, 2025 or the date on which the Company consummates the Initial Public Offering of its securities. During the three months
ended June 30, 2025 the balance of the Promissory Note was paid in full and borrowings under the note are no longer available.

Due to
Related Party

The
Company’s Sponsor has agreed to initially fund operating expenses related to the Initial Public Offering. These include legal fees,
mailing, and shipping expenses. On June 30, 2025, the Company had
a total of $75,321 outstanding that was due to related party.

Administrative
Support Agreement

The
Sponsor has agreed, commencing from April 30, 2025, the date of the Initial Public Offering, through the earlier of the Company’s
consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services,
including office space and administrative services, as the Company may require from time to time. The Company has agreed to pay to the
Sponsor up to $