Digital Asset Acquisition Corp. Announces Definitive Merger with Old Glory Bank
Summary
Digital Asset Acquisition Corp. (DAAQ) has entered into a definitive agreement for a business combination with Old Glory Holding Company, a digital-first bank focused on "America first" values and crypto integration.
Key Events
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Definitive Merger Agreement
Digital Asset Acquisition Corp. (DAAQ) has signed a definitive agreement for a business combination with Old Glory Holding Company (Old Glory Bank).
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Transaction Valuation
The deal implies a pro forma enterprise value of approximately $441.8 million for the combined company, with Old Glory Bank valued at $250 million.
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Capital Structure
The transaction is expected to be funded by DAAQ's cash in trust and a targeted $50 million PIPE raise, aiming for ~$207 million net cash on the balance sheet at closing.
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Strategic Focus
Old Glory Bank is a digital-first financial institution serving "America first" consumers and small businesses, with plans for stablecoin payments and crypto-backed credit.
Analysis
This 8-K filing announces a significant milestone for Digital Asset Acquisition Corp., a SPAC, by entering into a definitive merger agreement with Old Glory Holding Company (Old Glory Bank). The transaction, valued at an implied pro forma enterprise value of approximately $441.8 million for the combined entity, fulfills DAAQ's primary objective. Old Glory Bank is positioned as a digital-first financial institution targeting "America first" consumers and businesses, with plans to integrate stablecoin payments and crypto-backed credit. Investors should note the target's unique market focus and the existing FDIC/OSBD Consent Order, which management expects to resolve upon closing. The successful completion of this business combination, targeted for Q2 2026, will transform DAAQ into a publicly traded operating company in the financial services sector.
At the time of this filing, DAAQ was trading at $10.24 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $234.8M. The 52-week trading range was $10.05 to $11.24. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.