Digital Asset Acquisition Corp. (Nasdaq: DAAQ) has sold 17,250,000 units in an initial public offering, raising $172.5 million. There is an underwriters over allotment offer of an additional 2,250,000 units. Each unit includes one half of a redeemable warrant exercisable at a per-share price of $ 11.50.
Simultaneously, the company closed on a private placement of 5,450,000 warrants at a price of $1.00 per warrant, resulting in gross proceeds of $5,450,000.
DAAQ Sponsor LLC, the company’s sponsor, purchased 3,725,000 of the private placement warrants, Cohen & Company Capital Markets purchased 1,466,250 of the private placement warrants, and Clear Street purchased 258,750 private placement warrants.
Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share.
Of the proceeds received from the IPO and a simultaneous private placement of warrants, $ 172.5 million (or $10.00 per unit sold in the public offering) was placed in trust.
Digital Asset Acquisition Corp. is a special-purpose acquisition company that hopes to pursue a merger or acquisition of a digital asset or cryptocurrency firm.
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