Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 80

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 80
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 was declared effective on April 28, 2025.
On April 30, 2025, the Company consummated the Initial Public Offering of 17,250,000 units,
(the “Units” and, with respect to the shares of Class A ordinary shares included
in the Units sold, the “Public Shares”), including 2,250,000 Units issued pursuant to the exercise of the Underwriters’ (as
defined below) 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 warrants at a price of $1.00
per warrant (the “Private Placement Warrants”), generating gross proceeds of $5,450,000. Of the 5,450,000 Private Placement
Warrants, the underwriters of the Initial Public Offering (the “Underwriters”) purchased an aggregate of 1,725,000 Private
Placement Warrants and DAAQ Sponsor LLC, the Company’s sponsor (the “Sponsor”), purchased 3,725,000 Private Placement
Warrants.

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 a trust account located in the United States (the “Trust Account”).

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We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest earned on the funds held in the Trust Account and not previously
released to us to pay our taxes (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete
our initial Business Combination. We may withdraw interest to pay our taxes, if any. Our annual income tax obligations will depend on
the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest earned on the amount in
the Trust Account will be sufficient to pay our taxes. We expect the only taxes payable by us out of the funds in the Trust Account will
be income and franchise taxes, if any. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to
complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working