Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 32

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 32
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 are not redeemable
by us, (ii) are not transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited
exceptions, (iii) may be exercised on a cashless basis, (iv) are entitled to registration rights and (v) with respect to Private Placement
Warrants held by the Underwriters, will not be exercisable more than five years from the commencement of sales in accordance with FINRA
Rule 5110(g)(8).

Following the closing of the
Initial Public Offering on April 30, 2025, an amount of $172,500,000 ($10.00
per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants
was placed in the Trust Account.

We paid a total of $10,350,000 in underwriting
discounts and commissions and incurred approximately $700,000 for other costs and expenses related to the Initial Public Offering. In
addition, the Underwriters agreed to defer $6,900,000 in underwriting discounts and commissions.

For a description of the use of the proceeds generated
in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

23

ITEM 6. EXHIBITS

The following exhibits are filed as part of, or
incorporated by reference into, this Quarterly Report on Form 10-Q.

    Exhibit No.
     
    Description
  
    1.1
     
    Underwriting Agreement, dated April 28, 2025, by and between the Company and the Representative (incorporated by reference to Exhibit 1.1 of the Company’s Form 8-K (File No. 001-42612), filed with the SEC on May 1, 2025).
  
    3.1
     
    Amended and Restated Memorandum of Association (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K (File No. 001-42612), filed with the SEC on May 1, 2025).
  
    4.1
     
    Warrant Agreement, dated April 28, by and between the Company and Efficiency, as warrant