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Digital Asset Acquisition Corp. (NASDAQ:DAAQU), a special purpose acquisition company, has successfully completed its initial public offering (IPO), raising gross proceeds of $172.5 million. The company, which focuses on identifying a business combination target in the technology, financial services, or financial technology sectors, announced the closing of its IPO on April 30, 2025.
The offering consisted of 17,250,000 units at $10.00 per unit, which included the full exercise of the underwriters’ over-allotment option. Each unit is comprised of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant can be exercised to purchase one Class A ordinary share at a price of $11.50 per share.
Concurrently with the IPO, Digital Asset Acquisition Corp. also completed a private placement of 5,450,000 warrants, generating an additional $5.45 million in proceeds. These warrants were acquired by the company’s sponsor, DAAQ Sponsor LLC, as well as the underwriters of the IPO.
The total amount of $172.5 million from the IPO and private placement, including up to $6.9 million of the underwriters’ deferred commission, has been placed into a trust account maintained by Lucky Lucko, Inc., acting as trustee.
The company has also issued an audited balance sheet as of April 30, 2025, which reflects the receipt of the proceeds from the IPO and the private sale. This financial statement is included as Exhibit 99.1 in the current report on Form 8-K filed with the Securities and Exchange Commission.
This news is based on a press release statement.
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