DAAQ Soars 41% After Hours as Old Glory Merger Terminated
DAAQ sits 56% above its 52-week low of $6.6 on elevated volume (2.5× avg).
Summary
DAAQ shares jumped over 41% in after-hours trading to $10.41 after the company disclosed it mutually terminated its business combination agreement with Old Glory Holding Company. The termination, effective August 13, releases both parties from all claims with no termination fee. The shareholder meeting scheduled for August 14 has been indefinitely postponed. This follows the Reuters report of the deal's death on August 13, but the after-hours price surge is a new market reaction. The stock had closed at $7.26, down 0.89%, before the announcement. With the merger off, DAAQ faces its going concern warning and January 2027 liquidation deadline, making the rally notable as traders reassess the company's standalone value.
At the time of this announcement, DAAQ was trading at $10.29 on NASDAQ in the Finance sector, with a market capitalization of approximately $167M. The 52-week trading range was $6.60 to $10.49. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.