Digital Asset Acquisition Corp. (DAAC) reported a net loss of $54,616 for the three months ending March 31, 2025, primarily due to general and administrative expenses of the same amount. The company, which was incorporated in December 2024, has not yet commenced operations and does not expect to generate revenue until after completing a business combination. The weighted average shares outstanding during this period were 5,000,000, resulting in a basic and diluted net loss per ordinary share of $(0.01).
In a significant development, DAAC completed its Initial Public Offering (IPO) on April 30, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 units, which included 2,250,000 units from the underwriters' over-allotment option. Additionally, the company sold 5,450,000 private placement warrants for $5.45 million. The proceeds from these offerings have been placed in a trust account, which will be utilized for future business combinations. The company incurred transaction costs of approximately $10.93 million related to the IPO.
As of March 31, 2025, DAAC had a working capital deficit of $235,898 and no cash on hand. However, following the IPO, the company has access to substantial funds for operational purposes. The management has indicated that they do not foresee the need for additional financing to meet operational expenditures before the business combination. The company has until October 30, 2026, to complete a business combination, with the possibility of extending this period under certain conditions.
DAAC's operational metrics remain limited, as it has not yet engaged in any substantive discussions regarding potential business combinations. The company is classified as an emerging growth company and is subject to the risks associated with early-stage enterprises. The management has expressed confidence in utilizing the funds from the IPO to identify and execute a business combination, although there is no assurance that such a transaction will be successfully completed.
About Digital Asset Acquisition Corp.
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