Digital Asset Acq

This is the sponsor's anti-redemption strategy to preserve trust capital (currently $10.35/share) ahead of the shareholder vote on the Old Glory Bank Holding Company business combination. The 3.25x warrant ratio is a significant incentive and signals the sponsor expects redemption pressure.

The June 18, 2026 step in the DAAQ amendment chain, superseded eleven days later by the June 29, 2026 amendment.

The 3.25x warrant ratio is an aggressive non-redemption incentive that signals the sponsor is actively working to preserve trust capital through the shareholder vote. The warrant price adjustment features provide downside protection for non-redeeming investors, making the deal economics more attractive for holders who stay in.

Sets the $250.0 million equity value for Old Glory and the $10.00 reference price that drive the exchange ratio, plus the full acceleration of target equity awards at closing.

This is a rare SPAC acquisition of a regulated U.S. bank holding company at a $250 million equity value, with a Cayman-to-Texas domestication that is unusual among deSPACs and adds bank-regulatory approval risk to the closing conditions. Full acceleration of target equity awards and the $10.00 conversion reference price set the dilution baseline for public holders who do not redeem.

The S-4 formally launches the de-SPAC merger, giving shareholders the vote-and-redeem decision. Notably the target is a community bank/mortgage holding company rather than a digital-asset business, a mismatch with the SPAC's name that merits diligence on deal fit.

Adding known fintech/crypto figures (Sonnenshein, ex-Grayscale) signals commitment to the bank-combination and helps deal marketing ahead of the S-4 and shareholder vote; investors should note the transaction is subject to bank regulatory approval, an added completion-risk factor beyond the standard SPAC vote.

Companion 8-K to the 425 confirming board-appointment plans for the go-forward bank; the deal's dependence on regulatory approval remains the key completion-risk item for DAAQ holders weighing redemption versus the merger.

Confirms a signed BCA and Texas domestication for a crypto-adjacent community bank, but the overtly promotional, politically framed marketing (anti-debanking, 'freedom' branding, 85-employee bank) is a governance/quality red flag investors should weigh against undisclosed deal economics. Terms, valuation, and trust impact await the Form S-4/proxy.

Confirms a definitive de-SPAC target (a chartered bank holding company) and Texas re-domestication, giving investors a concrete deal to evaluate; the promotional social-media tone and reliance on retail 'freedom economy' marketing are potential red flags to weigh against the S-4 disclosures.

Reinforces the pending de-SPAC with a bank target but consists entirely of retail-facing promotional broadcasts rather than audited financials; the heavy marketing push and unverified growth claims are red flags investors should confirm against the forthcoming S-4.

Confirms a definitive de-SPAC deal and target, but the aggressive retail-directed solicitation ('buy a few shares') to a customer listserv is a promotional red flag. No trust, valuation, or redemption figures are provided, and bank regulatory approvals add closing risk.

Signals active deal promotion toward a shareholder vote, but as forward-looking marketing it offers no economics; investors must await the Form S-4/proxy for valuation, dilution, and redemption terms. Banking-sector regulatory approval (FDIC, Oklahoma State Banking Department) adds closing risk.

The 8-K is DAAQ's formal current-report disclosure of its definitive merger with a regulated bank holding company, giving public holders a concrete deal to evaluate. Closing hinges on shareholder votes, redemption levels, PIPE funding, and bank-regulatory approvals.

This is DAAQ's definitive deal, converting a blank-check shell into a publicly listed bank holding company and giving investors a concrete target to underwrite. Sponsor/insider support and lock-ups reduce vote risk, while the PIPE and trust mechanics will determine post-redemption funding; bank-regulatory approvals add a closing gate not present in typical SPAC deals.

Sets a $10.00-per-share redemption floor for 17,250,000 public shares in a sizeable $172.5M trust; the fully warrant-funded sponsor/underwriter placement is standard and the 80% fair-market-value test governs any future target.

The amended charter establishes the standard SPAC governance and redemption framework (trust account, business-combination and redemption mechanics) that will govern public shareholders' rights. Absent stated trust or deadline figures, there is no new redemption or dilution data point for investors in this excerpt.

What changed: Digital Asset Acquisition Corp. filed (425) the same 8-K disclosing the postponement of its combination EGM from July 31 to August 14, 2026 (Old Glory Bank transaction). Why it matters: Companion 425 to the postponement 8-K; bears on the timing of the Old Glory Bank combination vote. Material timing update.

What changed: Definitive 424(b)(3) proxy statement/prospectus (Reg. Nos. 333-294660 and 333-294660-01) for DAAQ's combination with Old Glory Holding Company under the January 13, 2026 Business Combination Agreement, registering up to 62,075,000 shares and 15,128,035 warrants. DAAQ domesticates from Cayman to Texas, Old Glory merges into it, and the survivor is renamed OGB Financial Company; Old Glory Class B shares are exchanged at a $250.0 million equity value adjusted for indebtedness and unrestricted cash less aggregate Class A Liquidation Value, divided by $10.00, and all Old Glory equity awards fully vest and roll over. Post-close listing under proposed Nasdaq symbols OGB and OGBW is a closing condition, but the filing warns the parties may waive it (except where Nasdaq has affirmatively denied listing), so shareholders may vote without listing confirmation and the deal could close unlisted. Closing also requires Transaction Financing and bank regulatory approvals. Sponsor DAAQ Sponsor LLC held about 24.5% of DAAQ ordinary shares at the Record Date, signed a Sponsor Support Agreement, and will receive 5,635,000 OGB Pubco shares (acquired for $25,000 total) plus 3,725,000 OGB Pubco warrants (bought at $1.00 each in the IPO private placement). Why it matters: The express possibility of waiving the Nasdaq listing condition is a serious risk flag: non-redeeming holders could end up in an unlisted bank holding company. Bank regulatory approval and unspecified Transaction Financing remain outstanding conditions, and the sponsor converts $25,000 into 5,635,000 shares.

What changed: S-4/A (preliminary, dated June 29, 2026) for Digital Asset Acquisition Corp.'s business combination with Old Glory Holding Company, a Delaware-registered bank holding company under the Bank Holding Company Act of 1956, registering up to 62,075,000 shares of common stock and 15,128,035 warrants. DAAQ will deregister in the Cayman Islands and domesticate in Texas, then Old Glory merges into it, with the survivor renamed OGB Financial Company. The DAAQ board unanimously approved the January 13, 2026 Business Combination Agreement. Why it matters: Ongoing amendment cycle on a bank-holding-company deSPAC, which needs Federal Reserve as well as SEC clearance — the Texas domestication and OGB Financial rename are unchanged from earlier amendments.

What changed: S-4/A (preliminary, dated June 18, 2026) for Digital Asset Acquisition Corp. / Old Glory Holding Company, registering up to 62,075,000 shares of common stock and 15,128,035 warrants, with the Cayman-to-Texas domestication and rename to OGB Financial Company on closing under the January 13, 2026 Business Combination Agreement. Why it matters: The June 18, 2026 step in the DAAQ amendment chain, superseded eleven days later by the June 29, 2026 amendment.

What changed: DAAQ filed a form of Non-Redemption Agreement offering investors 3.25 warrants per non-redeemed share (at a $12.00 strike price, 5-year exercise, no cashless exercise) to discourage redemptions ahead of its merger with Old Glory Holding Company to form OGB Financial Company. The agreement includes a most-favored-nation clause, a 90-day termination provision if closing doesn't occur, and a warrant price reduction mechanism if the 45-day VWAP one year post-closing falls below $12.00 (floored at $6.00). Why it matters: The 3.25x warrant ratio is an aggressive non-redemption incentive that signals the sponsor is actively working to preserve trust capital through the shareholder vote. The warrant price adjustment features provide downside protection for non-redeeming investors, making the deal economics more attractive for holders who stay in.

What changed: DAAQ filed a form of non-redemption agreement offering investors 3.25 warrants per non-redeemed share (exercise price $12.00, 5-year term) to forego redemption rights ahead of the Old Glory Holding Company merger vote. The agreement includes a most-favored-nation clause and a warrant price reset to max of 45-day VWAP or $6.00 if the stock trades below $12.00 at 12 months post-closing. Why it matters: This is the sponsor's anti-redemption strategy to preserve trust capital (currently $10.35/share) ahead of the shareholder vote on the Old Glory Bank Holding Company business combination. The 3.25x warrant ratio is a significant incentive and signals the sponsor expects redemption pressure.

What changed: S-4/A (preliminary, dated May 29, 2026) for Digital Asset Acquisition Corp.'s combination with Old Glory Holding Company, a Delaware bank holding company, registering up to 62,075,000 shares of common stock and 15,128,035 warrants. DAAQ will deregister in the Cayman Islands and domesticate in Texas, after which Old Glory merges into it and the survivor is renamed OGB Financial Company. Consideration mechanics: each Old Glory Class A share converts into PubCo shares equal to its Class A Liquidation Value plus the as-converted Class B entitlement at the Per Share Participating Equity Value, divided by $10.00; each Class B share converts at ($250.0 million, adjusted for indebtedness and unrestricted cash at closing, less the aggregate Class A Liquidation Value) divided by the fully diluted Old Glory share count, divided by $10.00. All Old Glory equity awards vest in full at the effective time. DAAQ units separate into one PubCo share and one-half warrant, and Class B shares convert one-for-one into Class A before domestication. Why it matters: Sets the $250.0 million equity value for Old Glory and the $10.00 reference price that drive the exchange ratio, plus the full acceleration of target equity awards at closing.

What changed: Q1 2026 10-Q shows trust account at $178,582,550 ($10.35/share, up from $10.27 at YE 2025) with 17,250,000 Class A shares subject to redemption. Cash outside trust declined to $614,066 from $1,060,921 as G&A expenses rose to $426,442 for the quarter, including deal-related due diligence costs for the Old Glory Bank combination announced January 13, 2026. Why it matters: The deal with Old Glory Bank is expected to close in Q2 2026, subject to shareholder and regulatory approval, with the completion deadline of January 30, 2027. No subsequent events were disclosed and no working capital loans are outstanding, indicating the deal remains on track with no new material developments since the BCA signing.