Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 68

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 68
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in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which
Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class
B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary
shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of
all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued
pursuant to the Underwriters’ over-allotment option and excluding the Class A ordinary shares underlying the Private Placement Warrants
issued to the Sponsor and the Underwriters), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued
in connection with the Company’s initial Business Combination (excluding any shares or equity-linked securities issued, or to be
issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Company’s
Sponsor or any of its affiliates or to the Company’s officers and directors upon conversion of working capital loans) minus (iii)
any redemptions of Class A ordinary shares by Public Shareholders in connection with an initial Business Combination; provided that such
conversion of Founder Shares will never occur on a less than one-for-one basis.

With certain limited exceptions, the Founder Shares
are not transferable, assignable or saleable (except to the Company’s officers and directors and other persons or entities affiliated
with the Company’s Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after
the completion of the Company’s initial Business Combination or earlier if, subsequent to the Company’s initial Business Combination,
the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the Company’s initial Business Combination, and (B) the date following the completion of the Company’s initial Business
Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their Class A ordinary shares for cash