Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 67

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 67
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 their rights to liquidating distributions from the Trust Account with respect to their Founder
Shares if the Company fails to complete the Company’s initial Business Combination within the Completion Period, although they will
be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete
the initial Business Combination within such time period and to liquidating distributions from assets outside the Trust Account and (4)
vote any Founder Shares held by them and any Public Shares purchased during or after the Initial Public Offering (including in open market
and privately negotiated transactions) in favor of the initial Business Combination (including any proposals recommended by the Company’s
board of directors in connection with such Business Combination) (except with respect to any Public Shares which may not be voted in favor
of approving the Business Combination transaction in accordance with the requirements of Rule 14e-5 under the Exchange Act and any SEC
interpretations or guidance relating thereto), (iv) the Founder Shares are automatically convertible into Class A ordinary shares immediately
prior to, concurrently with or immediately following the consummation of the Company’s initial Business Combination or at any time
prior thereto at the option of the holder on a one-for-one basis, subject to adjustment as described herein and in the Amended and Restated
Memorandum and Articles of Association, and (v) prior to the closing of the Company’s initial Business Combination, only holders
of Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing in a jurisdiction outside
the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents,
in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

14

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The Founder Shares will automatically convert
into Class A ordinary shares immediately prior to, concurrently with or immediately following the consummation of the initial Business
Combination or at any time prior thereto at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case
that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold