Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 51

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 2
Chunk 51
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 placement prior to the closing of the Initial Public Offering
(the “Founder Shares”), (ii) Private Placement Warrants and the Class A ordinary shares underlying such Private Placement
Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working capital loans will have registration rights
to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company
acquired by them prior to the consummation of the Company’s initial Business Combination pursuant to a registration rights agreement
signed on the effective date of the Initial Public Offering. Pursuant to the registration rights agreement and assuming $1,500,000 of
working capital loans are converted into warrants, the Company will be obligated to register up to 12,700,000 Class A ordinary shares
and 6,500,000 warrants. The number of Class A ordinary shares includes (i) 5,750,000 Class A ordinary shares to be issued upon conversion
of the Founder Shares, (ii) 5,450,000 Class A ordinary shares underlying the Private Placement Warrants and (iii) 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