Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 196

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 196
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000 ($10.00 per Unit) 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 located
in the United States (the “Trust Account”).

19

We
                                            intend to use substantially all of the funds held in the Trust Account, including any amounts
                                            representing interest earned on the funds held in the Trust Account and not previously released
                                            to us to pay our taxes (which interest shall be net of taxes payable and excluding deferred
                                            underwriting commissions) to complete our initial Business Combination. We may withdraw interest
                                            to pay our taxes, if any. Our annual income tax obligations will depend on the amount of
                                            interest and other income earned on the amounts held in the Trust Account. We expect the
                                            interest earned on the amount in the Trust Account will be sufficient to pay our taxes. We
                                            expect the only taxes payable by us out of the funds in the Trust Account will be income
                                            and franchise taxes, if any. To the extent that our ordinary shares or debt is used, in whole
                                            or in part, as consideration to complete our initial Business Combination, the remaining
                                            proceeds held in the Trust Account will be used as working capital to finance the operations
                                            of the target business or businesses, make other acquisitions and pursue our growth strategies.

After
                                            taking into consideration the consummation of the Initial Public Offering, we do not believe
                                            we will need to raise additional funds in order to 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.

Off-Balance
Sheet Arrangements

As
of June 30, 2025, we did not have any off-balance sheet arrangements.

Contractual
Obligations

Registration
Rights

The
holders of the (i) Class B ordinary shares, which were issued in a private