Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 44

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 2
Chunk 44
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 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.

20

Off-Balance Sheet Arrangements

As of March 31, 2025, we did not have any
off-balance sheet arrangements.

Contractual Obligations

Registration Rights

The holders of the (i) Founder Shares, which were
issued in a private placement prior to the closing of the Initial Public Offering, (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 pursuant
to a registration rights agreement signed on the effective date of the Initial Public Offering. Pursuant to the registration rights agreement
and assuming $1,500,000 of working capital loans are converted into warrants, the Company will be obligated to register up to 12,700,000
Class A ordinary shares and 6,500,000 warrants. The number of Class A ordinary shares includes (i) 5,750,000 Class A ordinary shares to
be issued upon conversion of the Founder Shares, (ii) 5,450,000 Class A ordinary shares underlying the Private Placement Warrants and
(iii) 1,500,000 Class A ordinary shares underlying the warrants that may be issued upon conversion of working capital loans. The number
of warrants includes up to 5,450,000 Private Placement Warrants and 1,500,000 warrants that may be issued upon the conversion of working
capital loans. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company
registers such securities. In addition, the holders have certain “piggyback” registration