Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 99

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 99
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ory 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 nine months ended September 30, 2025, the balance of
the Promissory Note was paid in full.

23

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 terms of the underwriting agreement, and will be based
on the amount of funds remaining in the Trust Account after shareholder redemptions of Public Shares in connection with the consummation
of a Business Combination.

Critical Accounting Estimates

The preparation of condensed financial statements
and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from
those estimates. We have identified the following critical accounting estimates that are most critical to the portrayal of our financial
condition and results of operations and that require significant, difficult, subjective, or complex judgments:

Net Income Per Share

Net income per ordinary share is computed by dividing
net income by the weighted average number of ordinary shares outstanding during the period. The calculation of diluted income per share