Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 36

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 36
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 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 capital to finance
the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

After taking into consideration the consummation
of the Initial Public Offering, we do not believe we will need to raise additional funds in order to meet the expenditures required for
operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and
negotiating an initial Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available
to operate our business prior to our initial Business Combination. Moreover, we may need to obtain additional financing either to complete
our initial Business Combination or because we become obligated to redeem a significant number of our public shares upon completion of
our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.

In connection with our assessment of going concern
considerations in accordance with ASC Topic 205-40, “Presentation of Financial Statements - Going Concern,” we
have determined that the mandatory liquidation, raises substantial doubt about
our ability to continue as a going concern. Management continues to seek to complete the Business Combination prior to the mandatory liquidation date.
No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate after October 30,
2026 (or January 30, 2027).

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have
any off-balance sheet arrangements.

Contractual Obligations

Registration Rights

The holders of the (i) Class B ordinary shares,
which were issued in a private placement prior to the closing of the Initial Public Offering (the “Founder Shares”), (ii) Private
Placement Warrants and the Class A ordinary shares underlying such Private Placement Warrants and (iii) Private Placement Warrants that
may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any
of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of the
Company’s initial Business Combination