Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 188

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 188
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 Company is authorized to issue 50,000,000 shares of Class B ordinary shares with a par value of
$0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of June 30, 2025 and December 31,
2024 there were 5,750,000 Class B ordinary shares issued and outstanding.

Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described
below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of the Company’s shareholders except as required by law. Prior to the closing of the initial Business Combination,
only holders of Class B ordinary shares (i) will have the right to appoint and remove directors prior to or in connection with the completion
of the initial Business Combination and (ii) will be entitled to vote on continuing the Company in a jurisdiction outside the Cayman
Islands (including any special resolution required to amend constitutional documents or to adopt new constitutional documents, in each
case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). On any other matters
submitted to a vote of shareholders prior to or in connection with the completion of the initial Business Combination, holders of the
Class B ordinary shares and holders of the Class A ordinary shares will vote together as a single class, except as required by law.

The
Founder Shares will automatically convert into Class A ordinary shares immediately prior to, concurrently with or immediately following
the consummation of a Business Combination, and may be converted at any time prior to the Business Combination, at the option of the
holder, on a one-for-one basis (unless otherwise provided in the Business Combination agreement), subject to adjustment for share subdivisions,
share dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that
additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the Business Combination,
the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted
basis, approximately 25% of the total number of Class A ordinary shares outstanding after such conversion (not including the Class A
ordinary shares underlying the Private Placement Warrants), including the total number of Class A ordinary shares issued, or deemed