# Digital Asset Acquisition Corp.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Digital Asset Acquisition Corp.).

## Overview

Digital Asset Acquisition Corp. is a blank check company formed to complete a merger, share exchange, asset acquisition, or similar business combination with an operating business. It has no operating business or revenue of its own and exists to identify and acquire a target, with a definitive deal announced in January 2026 to combine with Old Glory Bank and form OGB Financial Company.

## Products & services

{"• Blank check acquisition vehicle","• IPO trust capital for future business combination","• Private placement warrants financing","• Merger / share exchange / asset acquisition structure","• SPAC sponsor-led target search and due diligence"}

- **SPAC formation and capital pool** (0%) — IPO proceeds and trust-account capital used to fund a future acquisition.
- **Private placement warrants** (0%) — Warrants sold to the sponsor and underwriters to provide additional financing.
- **Business combination execution** (0%) — Transaction structuring and execution of a merger or similar acquisition.
- **Target screening and due diligence** (0%) — Evaluation of potential acquisition targets across industries and geographies.

- Blank check company formed to acquire an operating business
- Initial public offering proceeds held for a future business combination
- Private placement warrants sold alongside the IPO
- Forward purchase / backstop structures to support a deal
- Merger, share exchange, asset acquisition, or reorganization transaction

## Customers

The company does not sell products or services to end customers; its economic counterparties are investors, the sponsor, underwriters, and any future target business. Public shareholders provide IPO capital and hold redeemable shares, while the sponsor and warrant holders supply additional financing and transaction support. If a business combination closes, the acquired operating company becomes the effective customer base and operating platform.

- **Public shareholders** (primary) — Invest in the SPAC units and may redeem for cash if they do not support the deal.
- **Sponsor and private placement warrant holders** (primary) — Provide capital and transaction support in exchange for warrants and equity economics.
- **Target businesses** (primary) — Potential merger partners that may use the SPAC as a public listing path.
- **Underwriters and financing counterparties** (secondary) — Facilitate the IPO and related financing structures that support the acquisition process.

- Public shareholders provide IPO capital and may redeem at deal time
- Sponsor and warrant investors fund the SPAC structure
- Underwriters support the IPO and warrant placement
- Future target businesses are the intended merger counterparties
- Post-combination customers depend on the acquired operating company

## Geography

The company is incorporated in the Cayman Islands and is managed from the United States, where its securities were listed and its IPO was completed. It has no operating footprint or revenue geography yet because it has not completed a business combination. Management states it may pursue a target in any industry, sector, or geographic location, so future exposure will depend entirely on the acquired business.

- Incorporated in the Cayman Islands
- Operates as a U.S.-listed SPAC with IPO proceeds raised in the United States
- No operating revenue geography yet because no business combination is complete
- Future target geography is unrestricted and could be global
- Post-deal geographic exposure will depend on the acquired company

## Strategy

The core strategy is to identify and complete a business combination within the stated completion window, using IPO proceeds, private placement warrants, and other financing sources. The company has already announced a definitive agreement with Old Glory Bank, signaling a move from target search to transaction execution. Its competitive position depends on sourcing an attractive target, managing redemptions, and preserving enough capital to close the deal.

- **Close the announced business combination** (short-term) — The company has no operating business until a transaction is completed.
- **Preserve transaction capital** (short-term) — Redemptions and deal costs can reduce funds available to fund the target.
- **Select a target with public-market viability** (medium-term) — The SPAC must find a business that can support a listed equity story after closing.

- Complete an initial business combination within the completion window
- Use trust cash, warrants, and financing to fund the transaction
- Manage redemptions to preserve capital for closing
- Pursue a target with scalable public-market appeal
- Transition from shell company to operating financial business

## Risks

The company faces the standard SPAC risks of failing to complete a business combination, high redemption levels, and limited time to close a transaction. Because it has no operations or revenue, its value is highly dependent on deal execution, target quality, and post-merger integration. It also faces competition from other SPACs, private equity groups, and strategic buyers that may have greater resources and more established sourcing networks.

- **Failure to complete a business combination** [critical] — The company exists solely to acquire a target and has no operating fallback.
- **High shareholder redemptions** [high] — Redemptions reduce the cash available to fund the acquisition and may weaken the deal.
- **Target selection and diligence risk** [high] — Private targets may have limited public information, increasing mispricing risk.
- **Competitive sourcing environment** [medium] — Other SPACs, private equity, and strategic buyers compete for the same targets.

- No operating business or revenue until a deal closes
- Redemptions can shrink cash available for the acquisition
- Target quality risk if diligence is based on limited information
- Competition from other SPACs and private equity buyers
- Failure to close could leave public shareholders with trust proceeds only

## Accounting

As a pre-combination SPAC, the most important accounting issue is the classification and measurement of redeemable Class A ordinary shares, which are carried in temporary equity and remeasured to redemption value. The company also has warrant accounting and dilution considerations, while its lack of operating revenue means results are driven mainly by public-company expenses and interest income on trust assets. Management states it has not identified critical accounting estimates, but fair value, redemption value, and share-class accounting remain central to reported equity and earnings per share.

- **Redeemable ordinary shares** — Affects balance sheet equity presentation and can change additional paid-in capital or deficit.
- **Warrant accounting and dilution** — Influences diluted earnings per share and equity valuation.
- **Trust-account interest income** — Drives reported results despite no operating revenue.
- **Pre-combination expense recognition** — Creates recurring losses until a transaction closes.

- Redeemable Class A shares are measured at redemption value in temporary equity
- Warrants affect dilution and may be excluded from diluted EPS if contingent
- Interest income on trust assets is the main non-operating income source
- Public-company and due diligence costs drive reported losses pre-combination
- No critical accounting estimates identified, but redemption accounting is key

---

*Last updated: 2026-04-28T20:01:51.298503+00:00*