Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 22

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 22
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mation of a Business Combination.

14

DIGITAL
ASSET ACQUISITION CORP. 

JUNE
30, 2025

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE
8. SHAREHOLDERS’ EQUITY (DEFICIT)

Preference
shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share with such
designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors.
As of June 30, 2025 and December 31, 2024, there were no preference shares issued or outstanding.

Class
A ordinary shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001
per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of June 30, 2025 there
were 17,250,000 Class A ordinary shares issued and outstanding, including 17,250,000 Class A ordinary shares subject to possible redemption
and classified as temporary equity. As of December 31, 2024 there were no shares of Class A ordinary shares issued and outstanding.

Class
B ordinary shares — The Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of
$0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of June 30, 2025 and December 31,
2024 there were 5,750,000 Class B ordinary shares issued and outstanding.

Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described
below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of the Company’s shareholders except as required by law. Prior to the closing of the initial Business Combination,
only holders of Class B ordinary shares (i) will have the right to appoint and remove directors prior to or in connection with the completion
of the initial Business Combination and (ii) will be entitled to vote on continuing the Company in a jurisdiction outside the Cayman
Islands (including any special resolution required to amend constitutional documents or to adopt new