Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 5

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 5
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 be liable to the Company if and to the extent any claims by a third party for services rendered
or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent,
confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below
the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the
liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the Trust Account assets, in
each case less taxes payable and up to $100,000 of interest to pay liquidation expenses, provided that such liability will not apply to
any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) nor will it apply to any claims under the indemnity of the Underwriters of the Initial
Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”).

Liquidity and Capital Resources

As of March 31, 2025, the Company had $0
in cash, and a working capital deficit of $235,898. Prior to the completion of the Initial Public Offering, the Company lacked the liquidity
it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial
statement. The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust
Account and/or used to fund offering expenses will be available to the Company for general working capital purposes.

 The Company will have until the end of the Combination
Period to consummate a Business Combination. If a Business Combination is not consummated by the end of the Combination Period, there
will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets
or liabilities should the Company be required to liquidate after October 30, 2026 (or January 30, 2027). The Company intends
to complete the initial Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company
will be able to consummate any Business Combination by October 30, 2026