Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 202

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 202
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 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 Private Placement Warrants at a price
of $1.00 per warrant generating gross proceeds of $5,450,000. Of the 5,450,000 Private Placement Warrants, the Underwriters purchased
an aggregate of 1,725,000 Private Placement Warrants and the Sponsor purchased 3,725,000 Private Placement Warrants. Each whole Private
Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The issuance was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The
Private Placement Warrants are identical to the warrants underlying the Units sold in the Initial Public Offering, except that the Private
Placement Warrants (i) are not redeemable by us, (ii) are not transferable, assignable or salable until after the completion of a Business
Combination, subject to certain limited exceptions, (iii) may be exercised on a cashless basis, (iv) are entitled to registration rights
and (v) with respect to Private Placement Warrants held by the Underwriters, will not be exercisable more than five years from the commencement
of sales in accordance with FINRA Rule 5110(g)(8).

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 the Trust Account.

We
paid a total of $10,350,000 in underwriting discounts and commissions and incurred approximately $700,000 for other costs and expenses
related to the Initial Public Offering. In addition, the Underwriters agreed to defer $6,900,000 in underwriting discounts and commissions.

For
a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

ITEM
3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM
4. MINE SAFETY DISCLOSURES

Not
applicable.

ITEM
5. OTHER INFORMATION

None.

23

ITEM
6. EXHIBITS

The
following exhibits are