Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 73

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 73
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 the Company in a jurisdiction outside the Cayman Islands (including any special resolution
required to amend constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer
by way of continuation in a jurisdiction outside the Cayman Islands). On any other matters submitted to a vote of shareholders prior to
or in connection with the completion of the initial Business Combination, holders of the Class B ordinary shares and holders of the Class
A ordinary shares will vote together as a single class, except as required by law.

17

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The Founder Shares will automatically convert
into Class A ordinary shares immediately prior to, concurrently with or immediately following the consummation of a Business Combination,
and may be converted at any time prior to the Business Combination, at the option of the holder, on a one-for-one basis (unless otherwise
provided in the Business Combination agreement), subject to adjustment for share subdivisions, share dividends, reorganizations, recapitalizations
and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked
securities are issued or deemed issued in connection with the Business Combination, the number of Class A ordinary shares issuable upon
conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, approximately 25% of the total number of Class
A ordinary shares outstanding after such conversion (not including the Class A ordinary shares underlying the Private Placement Warrants),
including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the Business Combination,
excluding any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares
issued, or to be issued, to any seller in the Business Combination and any Private Placement Warrants issued to the Sponsor, officers
or directors upon conversion of working capital loans, provided that such conversion of Founder Shares will never occur on a less than
one-for-one basis.

Warrants — As of September 30,
2025, there were 14,075,000 warrants issued including 8,625,000 Public Warrants, issued as part of the Units and 5,450,