Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 23

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 23
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 to file with the SEC a post-effective amendment to an existing registration statement or a new registration statement covering
the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants and thereafter will
use the Company’s commercially reasonable efforts to cause the same to become effective within 60 business days following the initial
Business Combination and to maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering
the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60) business day after the closing
of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any
period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption.

Once the warrants become exercisable, the Company
may call the warrants for redemption for cash:

●in whole and not in part at a price of $0.01 per warrant;

●upon a minimum of 30 days’ prior written notice of
redemption; and

●if, and only if, the closing price of the Class A ordinary
shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described below) for any 20 trading days within a 30-trading day period commencing at least 30 days after completion
of the Company’s initial Business Combination and ending three business days before the Company sends the notice of redemption
to the warrant holders.

If and when the warrants become redeemable by
the Company for cash, the Company may exercise the redemption right even if the Company is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

17

DIGITAL ASSET ACQUISITION CORP. 

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

In addition, if (x) the Company issues additional
Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business
Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary shares (with