Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 75

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 75
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-trading day period commencing at least 30 days after completion of the Company’s initial Business Combination
and ending three business days before the Company sends the notice of redemption to the warrant holders.

If and when the warrants become redeemable by
the Company for cash, the Company may exercise the redemption right even if the Company is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

18

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

In addition, if (x) the Company issues additional
Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business
Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary shares (with such issue price or effective
issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the initial
shareholders or their affiliates, without taking into account any Founder Shares held by the initial shareholders or such affiliates,
as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and the volume weighted average trading price of the
Class A ordinary shares during the 20 trading day period starting on the trading day after the day on which the Company consummates the
initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the
Newly Issued Price.

The Private Placement Warrants (including the
Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until
30 days after the completion of the initial Business Combination. The Private Placement Warrants have terms and provisions that are identical