Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 183

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 183
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 ordinary shares immediately prior to, concurrently with or immediately following
the consummation of the initial Business Combination or at any time prior thereto at the option of the holder on a one-for-one basis,
subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to
further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are
issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing
of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted
(unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such
issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will
equal, in the aggregate, 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the
Initial Public Offering (including any Class A ordinary shares issued pursuant to the Underwriters’ over-allotment option and excluding
the Class A ordinary shares underlying the Private Placement Warrants issued to the Sponsor and the Underwriters), plus (ii) all Class
A ordinary shares and equity-linked securities issued or deemed issued in connection with the Company’s initial Business Combination
(excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any
private placement-equivalent warrants issued to the Company’s Sponsor or any of its affiliates or to the Company’s officers
and directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by Public Shareholders
in connection with an initial Business Combination; provided that such conversion of Founder Shares will never occur on a less than one-for-one
basis.

With
certain limited exceptions, the Founder Shares are not transferable, assignable or saleable (except to the Company’s officers and
directors and other persons or entities affiliated with the Company’s Sponsor, each of whom will be subject to the same transfer
restrictions) until the earlier of (A) one year after the completion of the Company’s initial Business Combination or earlier if,
subsequent to the Company’s initial Business Combination, the last sale price of the Class A ordinary shares equals or exceeds
$12.00 per share