DAAQ merger with Old Glory Holding Company
Old Glory Bank is a digital-first, FDIC-insured state-chartered bank providing personal and small-to-medium business banking services (United States)
Announced 13 January 2026.
Redemption deadline PASSED — floorless
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
Effective equity counts every claim on the post-close company at $10.00 — rollover, public shares, the founder promote and the PIPE. The headline counts only the target.
- Min-cash condition
- $50M
- Sponsor promote
- 25%
- Break fee
- $10M
- Pro-forma shares
- 46.3M
- Exchange ratio
Per Share Participating Equity Value / $10.00, where Per Share Participating Equity Value = ($250.0 million adjusted for indebtedness and unrestricted cash at Closing, less the aggregate Class A Liquidation Value) divided by fully-diluted Old Glory Bank Shares.more ▾less ▴
No signed PIPE at announcement; DAAQ and Old Glory Bank agreed only to use commercially reasonable efforts to complete a PIPE prior to Closing. No size, price or investors stated.more ▾less ▴
collectively, the “ Company Lock-Up Persons ”), are entering into a lock-up agreement, substantially in the form attached hereto as Exhibit C (the “ Lock-Up Agreement ”), pursuant to which, among other things, each of the Sponsor, the Supporting Sponsor Shareholders and such Company Lock-Up Persons will agree not to effect any sale or distribution of any Equity Securities of PubCo held by any of them during the lock-up period described therein, on the terms and subject to the conditions set forth thereinmore ▾less ▴
Three different numbers are all called the deal value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
assumes 0% redemptions
Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.
assumes 0% redemptions
Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Old Glory Holding Company appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
- The announced headline of $250M and the filed pro-forma equity value of $530M are not the same number. Both are recorded as stated; we have not reconciled them for you.
All figures above are stated in EX-99 investor presentation0001213900-26-004200
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Old Glory Holding Company
from S-4/AThe business actually being bought — described from SEC primary filings, with projections labelled as projections.
Old Glory Bank is a digital-first, FDIC-insured state-chartered bank providing personal and small-to-medium business banking services. It serves a niche market including cryptocurrency participants, conservatives, oil & gas enterprises, firearm enthusiasts, veterans, and first responders, delivering cloud-enabled retail and commercial banking, alternative payment rails, mortgage origination, and specialty protection products.
Founded 2023.
Old Glory Holding Company — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
A price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what Old Glory Holding Company actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Old Glory Holding Company, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $316.3M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Pro-forma enterprise value as filed.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
No listed comparable carries a revenue multiple we can use.
What qualifies the figures above
- OSBC, ONB, SFST, CWBC, LKFN, BMRC, BFC, WNEB, HTB, FSEA, BCML, HAPN have no revenue to divide by, so they are shown but left out of the peer median.
The 12 listed companies it is measured against, and why
- OSBCno revenue multiple
Direct comp: Corporate Banks; small-cap ($1.0bn); shares old, bank, overdraft, deposit, cards, loans with the target's own description; forward EV/Sales 4.5x.
- ONBno revenue multiple
Direct comp: Banks (NEC); mid-cap ($8.7bn); shares old, bank, loans, community, holding, financial with the target's own description; forward EV/Sales 6.3x.
- SFSTno revenue multiple
Direct comp: Corporate Banks; small-cap ($423m); shares fdic, bank, insured, deposit, cash, loans with the target's own description; forward EV/Sales 6.3x.
- CWBCno revenue multiple
Direct comp: Corporate Banks; small-cap ($431m); shares bank, sba, loans, cards, cash, merchant with the target's own description; forward EV/Sales 4.5x.
- LKFNno revenue multiple
Direct comp: Banks (NEC); small-cap ($1.4bn); shares fdic, bank, insured, deposit, credit, retail with the target's own description; forward EV/Sales 5.3x.
- BMRCno revenue multiple
Direct comp: Corporate Banks; small-cap ($419m); shares insured, bank, deposit, loans, accounts, cash with the target's own description; forward EV/Sales 1.7x.
- BFCno revenue multiple
Direct comp: Corporate Banks; small-cap ($1.2bn); shares bank, loans, accounts, cash, cards, deposit with the target's own description; forward EV/Sales 6.6x.
- WNEBno revenue multiple
Direct comp: Banks (NEC); micro-cap ($257m); shares bank, overdraft, cash, deposit, loans, debit with the target's own description; forward EV/Sales 4.1x.
- HTBno revenue multiple
Direct comp: Banks (NEC); small-cap ($742m); shares helocs, insured, bank, loans, deposit, sba with the target's own description; forward EV/Sales 4.3x.
- FSEAno revenue multiple
Direct comp: Banks (NEC); micro-cap ($62m); shares fdic, bank, insured, loans, deposit, home with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- BCMLno revenue multiple
Direct comp: Corporate Banks; small-cap ($320m); shares loans, sba, overdraft, bank, deposit, full with the target's own description; forward EV/Sales 3.4x.
- HAPNno revenue multiple
Direct comp: Consumer Lending (NEC); mid-cap ($2.2bn); shares bank, loans, pay, sba, cash, personal with the target's own description; forward EV/Sales 1.2x.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.