Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 98

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 98
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 adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate after October 30,
2026 (or January 30, 2027).

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have
any off-balance sheet arrangements.

Contractual Obligations

Registration Rights

The holders of the (i) Class B ordinary shares,
which were issued in a private placement prior to the closing of the Initial Public Offering (the “Founder Shares”), (ii) Private
Placement Warrants and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that
may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any
of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of the
Company’s initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public
Offering. Pursuant to the registration rights agreement and assuming $1,500,000 of working capital loans are converted into warrants,
the Company will be obligated to register up to 12,700,000 Class A ordinary shares and 6,500,000 warrants. The number of Class A ordinary
shares includes (i) 5,750,000 Class A ordinary shares to be issued upon conversion of the Founder Shares, (ii) 5,450,000 Class A ordinary
shares underlying the Private Placement Warrants and (iii) 1,500,000 Class A ordinary shares underlying the warrants that may be issued
upon conversion of working capital loans. The number of warrants includes up to 5,450,000 Private Placement Warrants and 1,500,000 warrants
that may be issued upon the conversion of working capital loans. The holders of these securities are entitled to make up to three demands,
excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggyback”
registration rights with respect to registration statements filed subsequent to the Company’s completion of the Company’s
initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Promissory Notes - Related Party

On December 11, 2024, the Sponsor agreed to loan
the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promiss