Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
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Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
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DIGITAL ASSET ACQUISITION
CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS
OPERATIONS AND LIQUIDITY

Digital Asset Acquisition Corp. (the “Company”)
is a blank check company incorporated in the Cayman Islands on December 9, 2024. The Company was formed for the purpose of entering into
a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses
(a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating
a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks
associated with early stage and emerging growth companies.

As of March 31, 2025, the Company had not
commenced any operations. All activity for the period from December 9, 2024 (inception) through March 31, 2025 relates to the Company’s
formation and initial public offering (“Initial Public Offering”). The Company will not generate any operating revenues until
after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest
income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and sale of Private Placement 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