Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 166

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 166
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 Warrants (defined below). The Company has selected December 31 as its fiscal year end.

The
registration statement for 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 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 (see Note 3). Refer to
the Company’s April 30, 2025 audited balance sheet reflecting the proceeds of the Initial Public Offering filed with the U.S. Securities
and Exchange Commission (“SEC”) on Form 8-K on May 6, 2025.

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 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 (see Note 4).

Following
the closing of the Initial Public Offering on April 30, 2025, an amount of $172,500,000 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 (the “Trust Account”),
to be invested only in U.S. government treasury obligations with maturities of 185 days or less or in money market funds meeting certain
conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest
only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the
distribution of the funds held in the Trust Account, as described below.

Transaction
costs related to the issuances described above amounted to $10,931,212, consisting of $1,