Company: DAAQ
Filing Date: 2025-04-14
Form Type: S-1/A
Source: 0001213900-25-031293
Chunk: 365

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-04-14
Form: S-1/A
Chunk 365
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 consummate the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination. The Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants being sold as part of the units in the Proposed Offering. The Company will account for the 12,500,000 warrants to be issued in connection with the Proposed Offering (including 7,500,000 Public Warrants and 5,000,000 Private Placement Warrants assuming the Underwriters’ over -allotmentoption is not exercised) in accordance with the guidance contained in ASC 815 -40. Such guidance provides that the warrants described above are not precluded from equity classification. Equity -classifiedcontracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity. NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to April1, 2025, the date that the financial statements were issued. Based on this review, other than the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. In January 2025, the Sponsor transferred 25,000 Class B ordinary shares to each of the Company’s independent director nominees (for an aggregate of 75,000 Class B ordinary shares) and 10,000 Class B ordinary shares to each of the Company’s advisors (for an aggregate of 40,000 Class B ordinary shares) at the same per -shareprice that the Sponsor purchased such shares, or approximately $0.004 per share. The Class B ordinary shares will automatically convert into Class A ordinary shares immediately prior to, concurrently with or immediately following the consummation of our initial business combination, or at any time prior thereto at the option of the holder thereof,