Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 170

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 170
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. 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.

6

DIGITAL
ASSET ACQUISITION CORP. 

JUNE
30, 2025

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

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 with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the
amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held
in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in
the value of the Trust Account assets, in each case less taxes payable and up to $100,000 of interest to pay liquidation expenses, provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all
rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the
indemnity of the Underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities
Act of 1933, as amended (the “Securities Act”).

Liquidity
and Capital Resources

As
of June 30, 2025, the Company had a working capital surplus of $1,193,936. Prior to the completion of the Initial Public Offering,
the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year
from the issuance date of the financial statements. The Company has since completed its Initial Public Offering at which time capital
in excess of the funds deposited in the Trust Account and/or used to fund offering expenses will be available to