Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 32

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 32
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1,500,000 Class A ordinary
shares underlying the warrants that may be issued upon conversion of working capital loans. The number of warrants includes up to 5,450,000
Private Placement Warrants and 1,500,000 warrants that may be issued upon the conversion of working capital loans. The holders of these
securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition,
the holders have certain “piggyback” registration rights with respect to registration statements filed subsequent to the
Company’s completion of the Company’s initial Business Combination. The Company will bear the expenses incurred in connection
with the filing of any such registration statements.

Promissory
Notes - Related Party

On
December 11, 2024, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public
Offering pursuant to a promissory note (the “Promissory Note”). This loan is non-interest bearing and payable on the earlier
of December 31, 2025 or the date on which the Company consummates the Initial Public Offering of its securities. During the three months
ended June 30, 2025, the balance of the Promissory Note was paid in full.

20

Underwriting
Agreement

The
Company granted the Underwriters a 45-day option to purchase up to 2,250,000 additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting commissions. Simultaneously with the closing of the Initial Public Offering, the Underwriters
elected to fully exercise the over-allotment option to purchase the additional 2,250,000 Units at a price of $10.00 per Unit.

The
Underwriters were entitled to (1) an underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, of which (i) $0.10 per
Unit was paid to the Underwriters in cash at the closing of the Initial Public Offering and (ii) $0.10 per Unit was used by the Underwriters
to purchase Private Placement Warrants, and (2) a deferred fee of $0.40 per Unit, or $6,900,000. The deferred fee will become payable
to the Underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination,
subject to the