Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 67

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 4
Chunk 67
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’s Initial Public Offering was declared effective on April 28, 2025.
On April 30, 2025, we consummated the Initial Public Offering of 17,250,000 Units,
including 2,250,000 Units issued pursuant to the exercise of the Underwriters’ over-allotment
option in full, generating gross proceeds of $172,500,000.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 5,450,000 Private Placement Warrants at a price of $1.00 per warrant generating gross
proceeds of $5,450,000. Of the 5,450,000 Private Placement Warrants, the Underwriters purchased an aggregate of 1,725,000 Private Placement
Warrants and the Sponsor purchased 3,725,000 Private Placement Warrants. Each whole Private Placement Warrant is exercisable to purchase
one Class A ordinary share at a price of $11.50 per share. The issuance was made pursuant to the exemption from registration contained
in Section 4(a)(2) of the Securities Act.

The Private Placement Warrants are identical to
the warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants (i) 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