Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 17

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 17
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 by the Company’s board of directors in connection with such Business
Combination) (except with respect to any Public Shares which may not be voted in favor of approving the Business Combination transaction
in accordance with the requirements of Rule 14e-5 under the Exchange Act and any SEC interpretations or guidance relating thereto), (iv)
the Founder Shares are automatically convertible into Class A ordinary shares immediately prior to, concurrently with or immediately
following the consummation of the Company’s initial Business Combination or at any time prior thereto at the option of the holder
on a one-for-one basis, subject to adjustment as described herein and in the Amended and Restated Memorandum and Articles of Association,
and (v) prior to the closing of the Company’s initial Business Combination, only holders of Class B ordinary shares will be entitled
to vote on the appointment and removal of directors or continuing in a jurisdiction outside the Cayman Islands (including any special
resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving
a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

12

DIGITAL
ASSET ACQUISITION CORP. 

JUNE
30, 2025

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The
Founder Shares will automatically convert into Class A ordinary shares immediately prior to, concurrently with or immediately following
the consummation of the initial Business Combination or at any time prior thereto at the option of the holder on a one-for-one basis,
subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to
further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are
issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing
of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted
(unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such
issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will
equal, in the aggregate, 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the
Initial Public Offering (