Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 22

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 22
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 case that additional Class A ordinary shares or equity-linked
securities are issued or deemed issued in connection with the Business Combination, the number of Class A ordinary shares issuable upon
conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, approximately 25% of the total number of Class
A ordinary shares outstanding after such conversion (not including the Class A ordinary shares underlying the Private Placement Warrants),
including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the Business Combination,
excluding any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares
issued, or to be issued, to any seller in the Business Combination and any Private Placement Warrants issued to the Sponsor, officers
or directors upon conversion of working capital loans, provided that such conversion of Founder Shares will never occur on a less than
one-for-one basis.

16

DIGITAL ASSET ACQUISITION CORP. 

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

Warrants — As of March 31,
2025 and December 31, 2024, no warrants were outstanding. There were 14,075,000 warrants issued in connection with the Initial Public
Offering (including 8,625,000 Public Warrants and 5,450,000 Private Placement Warrants). Each whole Public Warrant entitles the registered
holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
30 days after the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may exercise its
Public Warrants only for a whole number of Class A ordinary shares. No fractional Public Warrants will be issued upon separation of the
Units and only whole Public Warrants will trade. The Public Warrants will expire five years after the completion of the initial Business
Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable,
but in no event later than 20 business days after the closing of the initial Business Combination, the Company will use commercially reasonable
efforts