Digital Asset Acquisition Corp. Announces Closing of $172.5 Million Initial Public Offering Including Full Exercise of Underwriters’ Over-Allotment Option
Rhea-AI Summary
Digital Asset Acquisition Corp has successfully completed its $172.5 million initial public offering (IPO), selling 17,250,000 units at $10.00 per unit on Nasdaq. Each unit includes one Class A ordinary share and half of one redeemable warrant, exercisable at $11.50 per share.
The company's units trade under "DAAQU", with Class A shares and warrants to list separately as "DAAQ" and "DAAQW". A concurrent private placement raised $5.45 million through 5,450,000 warrants at $1.00 each, purchased by DAAQ Sponsor LLC, Cohen & Company Capital Markets, and Clear Street.
As a blank check company, Digital Asset Acquisition Corp aims to pursue business combinations in the digital asset and cryptocurrency sectors. The IPO placed $172.5 million in trust, with Cohen & Company Capital Markets leading the offering and Clear Street acting as joint book-runner.
Positive
- Successfully raised $172.5M through IPO at $10 per unit
- Full exercise of over-allotment option by underwriters, indicating strong demand
- Additional $5.45M raised through private placement of warrants
- Listed on Nasdaq Global Market, providing strong market visibility
- Focused strategy targeting digital asset and cryptocurrency sectors
Negative
- Blank check company with no operating business yet
- No specific acquisition target identified
- Potential dilution from warrant exercises at $11.50 per share
- Success entirely dependent on finding suitable acquisition target
News Market Reaction – DAAQU
In the trading session that priced this news, DAAQU gained 1.04%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PRINCETON, NEW JERSEY, April 30, 2025 (GLOBE NEWSWIRE) -- Digital Asset Acquisition Corp. (Nasdaq: DAAQ) (the “Company”) 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
The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “DAAQU” on April 29, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “DAAQ” and “DAAQW,” respectively.
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
Digital Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager of the offering. Clear Street LLC acted as the joint book-runner of the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination and the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Peter Ort
Principal Executive Officer and Co-Chairman
Digital Asset Acquisition Corp.
pete@curaleaassociates.com
