Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 4

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 4
---
Completion Period”).
However, if the Company anticipates that it may not be able to consummate a Business Combination within 18 months (or 21 months as discussed
above) from the closing of the Initial Public Offering, the Company may, but is not obligated to, by resolution of the board if requested
by the initial shareholders, extend the period of time to consummate a Business Combination by seeking shareholder approval to amend
the Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate the initial Business
Combination. If the Company seeks shareholder approval for an extension, holders of Public Shares will be offered an opportunity to redeem
their shares, regardless of whether they abstain, vote for, or against, the Company’s initial Business Combination, at a per share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned thereon (which
interest shall be net of amounts not previously released to the Company pursuant to permitted withdrawals), divided by the number of
then issued and outstanding Public Shares, subject to applicable law. For the avoidance of doubt, the time to complete a Business Combination
shall not be extended beyond 18 months (or 21 months as discussed above) without a shareholder vote. Cohen & Company Capital Markets
(the “Representative”), a division of J.V.B. Financial Group, LLC, and Clear Street LLC (collectively, the “Underwriters”)
have agreed to waive their rights to their deferred underwriting commission held in the Trust Account in the event the Company does not
complete a Business Combination within the Completion Period and, in such event, such amounts will be included with the other funds held
in the Trust Account that will be available to fund the redemption of the Public Shares.

6

DIGITAL
ASSET ACQUISITION CORP. 

JUNE
30, 2025

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

In
order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent
any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the
amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and