Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 9

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 9
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DENSED FINANCIAL STATEMENTS

The Company will have until October 30, 2026
(or January 30, 2027), 18 months from the closing of the Initial Public Offering (or 21 months from the closing of the Initial Public
Offering if the Company has executed a definitive agreement for an initial Business Combination within 18 months of the Initial Public
Offering) to complete a Business Combination (the “Completion Period”). However, if the Company anticipates that it may not
be able to consummate a Business Combination within 18 months (or 21 months as discussed above) from the closing of the Initial Public
Offering, the Company may, but is not obligated to, by resolution of the board if requested by the initial shareholders, extend the period
of time to consummate a Business Combination by seeking shareholder approval to amend the Amended and Restated Memorandum and Articles
of Association to extend the date by which the Company must consummate the initial Business Combination. If the Company seeks shareholder
approval for an extension, holders of Public Shares will be offered an opportunity to redeem their shares, regardless of whether they
abstain, vote for, or against, the Company’s initial Business Combination, at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned thereon (which interest shall be net of amounts not previously
released to the Company pursuant to permitted withdrawals), divided by the number of then issued and outstanding Public Shares, subject
to applicable law. For the avoidance of doubt, the time to complete a Business Combination shall not be extended beyond 18 months (or
21 months as discussed above) without a shareholder vote. Cohen & Company Capital Markets (the “Representative”), a division
of J.V.B. Financial Group, LLC, and Clear Street LLC (collectively, the “Underwriters”) have agreed to waive their rights
to their deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination
within the Completion Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will
be available to fund the redemption of the Public Shares.

In order to protect the amounts held in the Trust
Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered
or products sold to the Company, or a prospective target business