Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 30

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 30
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 warrants issued as part of the Units.

The
Company’s Initial Public
Offering 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”).

19

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