Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 18

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 18
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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 (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination,
and (B) the date following the completion of the Company’s initial Business Combination on which the Company completes a liquidation,
merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange
their Class A ordinary shares for cash, securities or other property.

Due from
Sponsor 

Due
from Sponsor represents excess funds from the purchase of the Private Placement Warrants by the Sponsor that have not yet been deposited
into the Company’s operating account. These funds will be available to the Company for general working capital purposes. On June 30,
2025, the Company’s Due from Sponsor balance was $1,281,540. On August 14, 2025, the outstanding Due from Sponsor balance was fully
settled. Refer to Note 10 for additional details.

Promissory
Note - Related Party

On
December