Company: DAAQ
Filing Date: 2025-02-07
Form Type: S-1
Source: 0001213900-25-011355
Chunk: 342

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-02-07
Form: S-1
Chunk 342
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 The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement, approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short -termnature. Warrants The Company accounts for warrants as either equity -classifiedor liability -classifiedinstruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, Distinguishing Liabilities from Equity(“ASC 480”), and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid -incapital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non -cashgain or loss on the statement of operations. The warrants are not precluded from equity classification and will be accounted for as such on the date of issuance and each balance sheet date thereafter. Recent Accounting Standards Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. F-11 DIGITAL ASSET ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2024 NOTE 3. PROPOSED OFFERING Pursuant to the Proposed Offering, the Company will offer for sale 15,000,000 Units (or 17,250,000 Units if the Underwriter’s over -allotmentoption is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A ordinary share and one -fourthof one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to