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Initial public offerings

Digital Asset Acquisition Corp. Announces Closing of Initial Public Offering

Strategic Insights

— 1 min read

Digital Asset Acquisition Corp. today announced the closing of its initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a public offering price of $10.00 per unit. The units are listed on The Nasdaq Global Market and commenced trading under the ticker symbol "DAAQU" on April 29, 2025.

Key Takeaways:

  • The initial public offering of Digital Asset Acquisition Corp. raised $172.5 million in gross proceeds, with $172.5 million placed in trust.
  • The Company issued 17,250,000 units, each consisting of one Class A ordinary share and one-half of one redeemable warrant, exercisable to purchase one Class A ordinary share at $11.50 per share.
  • Concurrently with the closing of the initial public offering, 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 $5.45 million.
  • DAAQ Sponsor LLC, Cohen & Company Capital Markets, and Clear Street purchased $5,450,000 worth of private placement warrants.
  • The Company's sponsor, DAAQ Sponsor LLC, purchased 3,725,000 private placement warrants, Cohen & Company Capital Markets purchased 1,466,250 warrants, and Clear Street purchased 258,750 warrants.
  • The offering was led by Cohen & Company Capital Markets as the lead book-running manager, with Clear Street LLC acting as the joint book-runner.
  • The Company intends to target opportunities and companies in the digital asset and cryptocurrency sectors.

Statistics:

  • Total gross proceeds from the initial public offering: $172,500,000
  • Total units issued in the IPO: 17,250,000
  • Underwriters exercised their full over-allotment option: 2,250,000 units
  • Public offering price per unit: $10.00
  • Amount placed in trust: $172,500,000
  • Total gross proceeds from the private placement of warrants: $5,450,000
  • Number of warrants purchased by DAAQ Sponsor LLC: 3,725,000
  • Number of warrants purchased by Cohen & Company Capital Markets: 1,466,250
  • Number of warrants purchased by Clear Street: 258,750

Sources:

  • GlobeNewswire (MIL-OSI)
  • Digital Asset Acquisition Corp.
  • U.S. Securities and Exchange Commission (SEC)
  • Nasdaq
  • Cohen & Company Capital Markets
  • Clear Street LLC

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