Digital Asset Acquisition Corp.

What they do

The company has no operations and has generated no revenue; it describes itself as a shell company with nominal assets consisting almost entirely of cash. It was formed to enter into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Its stated target search may be in any industry, sector or geographic location.

Revenue drivers

• Pre-business combination cash — No operating revenue; the company reports it has neither engaged in operations nor generated any revenue to date, funding itself from the April 2025 IPO and private placement proceeds.
• Trust account investment income — IPO and private placement proceeds were placed in a trust account invested only in U.S. government treasury obligations with maturities of 185 days or less or qualifying money market funds, which can generate interest that accrues to the company.
• Old Glory Bank combination (pending) — Under the January 13, 2026 business combination agreement, Old Glory Bank, a digital-first financial institution focused on personal and small-business banking, would be the post-combination operating business; outstanding Old Glory Bank shares would be exchanged based on a $250.0 million equity value and a $10.00 per share reference price.

Recent performance

The company has no revenue and reported annual net income of $4.2 million for 2025, with diluted EPS of $-0.36 in 2024 and $-0.35 in 2025. Operating cash flow in 2025 was $-2,183. At June 30, 2026, the latest balance sheet shows total assets of $180.6 million, total liabilities of $6.9 million, shareholder equity of $-6.4 million and cash and equivalents of $455,351. The April 30, 2025 IPO raised gross proceeds of $172,500,000 from 17,250,000 units, and the concurrent private placement of 5,450,000 warrants at $1.00 per warrant raised gross proceeds of $5,450,000.

Strategy

The company's stated purpose is to complete an initial business combination within its Completion Window of 18 months from the IPO closing, or 21 months if a definitive agreement is executed within 18 months. On January 13, 2026 it signed a definitive business combination agreement with Old Glory Holding Company, registered as a Bank Holding Company, to create OGB Financial Company, a Texas corporation to be listed on Nasdaq under the reserved ticker symbol "OGB." The structure involves the company domesticating from a Cayman Islands exempted company to a Texas corporation and changing its name to OGB Financial Company, followed by the merger of Old Glory Bank into Pubco. The company intends to fund the transaction using IPO and private placement proceeds, proceeds from share sales including forward purchase or backstop agreements, shares issued to target owners, debt, or a combination of these sources. A definitive proxy statement/prospectus was filed with the SEC on July 7, 2026 for the OGB business combination.

Risks

• No operating history or revenue — The company has no operations and has generated no revenue to date, so its results depend entirely on completing and integrating a business combination.
• Completion deadline — The company has 18 months from the April 30, 2025 IPO closing, or 21 months if a definitive agreement is executed within 18 months, to complete its initial business combination or face liquidation.
• Shareholder vote and founder-share influence — Holders of founder shares, representing 25% of issued and outstanding ordinary shares, and management have agreed to vote in favor of an initial business combination regardless of how public shareholders vote.
• Third-party claims on trust assets — Management identifies the trust account not being subject to claims of third parties as a risk, alongside the use of funds not held in the trust account and the company's potential ability to obtain additional financing to complete a business combination.

Outlook

An extraordinary general meeting of shareholders to vote on the Old Glory Bank business combination and related proposals is scheduled for August 14, 2026. Upon closing, the combined entity is expected to be named OGB Financial Company and listed on Nasdaq under the reserved ticker symbol "OGB." Management states it cannot determine at this time whether it will complete a business combination with any target it has reviewed or any other target.