Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 13

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 13
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Recently
Adopted Accounting Standards

In
November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in this ASU require disclosures, on an annual and interim
basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well
as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

The
ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to
provide all annual disclosures currently required by ASC Topic 280, Segment Reporting (“ASC 280”) in interim periods,
and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and
existing segment disclosures in ASC 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods
within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on December 9,
2024, the date of its incorporation.

No other
recently issued accounting pronouncements are expected to have a material impact to the Company.

NOTE
3. INITIAL PUBLIC OFFERING

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, including 2,250,000 Units issued pursuant to the exercise of the
Underwriters’ over-allotment option in full, generating gross proceeds of $172,500,000. Each Unit consisted of one Class A ordinary
share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase
one Class A ordinary share at an exercise price of $11.50 per whole share, subject to adjustment (see Note 8).

NOTE
4. PRIVATE PLACEMENT

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 5,450,000 Private Placement Warrants at a price