Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 26

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 26
---
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 rights with respect to registration
statements filed subsequent to the Company’s completion of the Company’s initial Business Combination. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.

16

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Underwriting Agreement

Pursuant to the underwriting agreement, the Sponsor
and the executive officers and directors have agreed that, for a period of 180 days from the date of the Initial Public Offering, they
will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose
of, directly or indirectly, any units, warrants, ordinary shares or any other securities convertible into, or exercisable or exchangeable
for, any units, ordinary shares, Founder Shares or warrants, subject to certain exceptions. The Representative in its discretion may release
any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors,
which shall be with notice. The Sponsor, officers and directors are also subject to separate transfer restrictions on their Founder Shares
and Private Placement Warrants pursuant to the letter agreement described herein.

The Company granted the Underwriters a 45-day
option to purchase up to 2,250,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting
commissions. On April 30, 2025, simultaneously with the closing of the Initial Public Offering, the Underwriters elected to fully exercise
the over-allotment option to purchase the additional 2,250,000 Units at a price of $10.00 per Unit.

The Underwriters were entitled to (1) an underwriting
discount of $0.20 per Unit, or $3,450,000 in the aggregate, of which (i) $0.10 per Unit was paid to the Underwriters in cash at the closing