Digital Asset Acquisition Corp. (DAAQ) terminates Old Glory merger, delays vote
Rhea-AI Filing Summary
Digital Asset Acquisition Corp., a Cayman Islands company, reported that on August 13, 2026 it and Old Glory Holding Company entered into a Mutual Termination and Release Agreement. This agreement terminates in full their January 13, 2026 Business Combination Agreement and abandons the contemplated business combination transactions as of the same date.
The termination releases the parties from further obligations under the Business Combination Agreement and automatically ends all ancillary transaction documents, except that Section 9.18 of the prior agreement remains in effect. Because the combination will not proceed, the extraordinary general meeting of shareholders previously scheduled for August 14, 2026 at 10:00 a.m. Eastern Time is being indefinitely postponed.
Positive
- None.
Negative
- Business combination with Old Glory terminated, ending the previously agreed transactions under the Business Combination Agreement.
- Extraordinary general meeting indefinitely postponed because there is no longer business to be transacted at the August 14, 2026 meeting.
Insights
Analyzing...
8-K Event Classification
4 items: 1.01, 1.02, 8.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02
Termination of a Material Definitive Agreement
Business
A significant contract was terminated, which may affect business operations or revenue.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Warrant exercise price: $11.50 per share
Class A ordinary share par value: $0.0001 per share
Business Combination Agreement date: January 13, 2026
+2 more
5 metrics
Warrant exercise price
$11.50 per share
Each whole redeemable warrant exercisable for one Class A ordinary share
Class A ordinary share par value
$0.0001 per share
Par value of Class A ordinary shares referenced in Nasdaq listing
Business Combination Agreement date
January 13, 2026
Original date of the Business Combination Agreement with Old Glory
Termination Effective Date
August 13, 2026
Effective date of the Mutual Termination and Release Agreement
Extraordinary meeting time
10:00 a.m. Eastern Time
Scheduled start time of August 14, 2026 extraordinary general meeting now postponed
Key Terms
Mutual Termination and Release Agreement, Business Combination Agreement, extraordinary general meeting of shareholders, forward-looking statements
4 terms
Mutual Termination and Release Agreement regulatory
"entered into a Mutual Termination and Release Agreement (the “Termination Agreement”)"
Business Combination Agreement regulatory
"terminate the Business Combination Agreement, dated as of January 13, 2026"
A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.
forward-looking statements regulatory
"This report includes “forward-looking statements” within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What did Digital Asset Acquisition Corp. (DAAQ) announce regarding its deal with Old Glory?
Digital Asset Acquisition Corp. and Old Glory Holding Company entered into a Mutual Termination and Release Agreement on August 13, 2026, fully terminating their January 13, 2026 Business Combination Agreement and abandoning all related transactions and ancillary documents, except for Section 9.18.
When was the Digital Asset Acquisition Corp. (DAAQ) business combination agreement originally signed?
The Business Combination Agreement between Digital Asset Acquisition Corp. and Old Glory Holding Company was dated January 13, 2026. It was terminated effective August 13, 2026 under a Mutual Termination and Release Agreement executed by both parties.
Do Digital Asset Acquisition Corp. (DAAQ) and Old Glory have further obligations under the terminated agreement?
Following the Effective Date of August 13, 2026, the Business Combination Agreement imposes no further liability or obligation on either party or their representatives, except that Section 9.18 of the agreement survives and remains in full force and effect.
What securities of Digital Asset Acquisition Corp. (DAAQ) are listed on Nasdaq and at what warrant exercise price?
Digital Asset Acquisition Corp. lists units, Class A ordinary shares, and redeemable warrants on The Nasdaq Stock Market LLC. Each whole redeemable warrant is exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
AI-generated analysis. How Rhea-AI works. Not financial advice.
