Company: DAAQ
Filing Date: 2025-04-01
Form Type: S-1/A
Source: 0001213900-25-027285
Chunk: 56

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-04-01
Form: S-1/A
Chunk 56
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 and monitoring the related due diligence. See “Risk Factors — Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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| Additionally, our sponsor and executive officers and directors have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the consummation of our initial business combination. Further, our sponsor and executive officers and directors have agreed to waive their redemption rights with respect to any founder shares held by them if we are unable to complete our initial business combination within the completion window. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale of the private placement warrants held in the trust account will be used to fund the redemption of our public shares, and the private placement warrants may expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable by our sponsor or its permitted transferees until one year after the completion of our initial business combination. With certain limited exceptions, the private placement warrants and the Class A ordinary shares underlying such warrants, will not be transferable, assignable or salable by our sponsor or its permitted transferees until 30 days after the completion of our initial business combination. Since our sponsor and executive officers and directors may directly or indirectly own ordinary shares and warrants following this offering, our executive officers and directors may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination because of their financial interest in completing an initial business combination within the completion window. |
| Our sponsor paid only a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. In January 2025, our sponsor transferred 25,000 founder shares to each of our independent director nominees (for an aggregate of 75,000 founder shares) and 10,000 founder shares to each of our advisors (for an aggregate of 40,000 founder shares) at the same per-share price that our sponsor purchased such shares, or approximately $0.004 per share, resulting in our sponsor holding 5,635,000 founder shares. Accordingly, our management team and directors, which owns interests in our sponsor, may be more willing to pursue a