Digital Asset Acquisition Terminates Old Glory Merger, Ending Bank Rescue
DAAQ sits 58% above its 52-week low of $6.6 on elevated volume (2.0× avg).
Summary
The merger with Old Glory Holding Company is dead. The termination agreement, effective August 13, 2026, releases both parties from liability and cancels all ancillary documents. This kills the only path to completing the business combination that was scheduled for a shareholder vote on August 14. The company's Q2 10-Q already warned of a going concern with a January 2027 liquidation deadline, and without the merger, that deadline becomes the central risk. The stock is trading near its 52-week high of $10.49, but the termination removes the merger's value proposition and leaves the SPAC with no announced alternative. Watch for any announcement of a new target or a liquidation plan.
At the time of this announcement, DAAQ was trading at $10.40 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 negative market sentiment and an importance score of 9 out of 10. Source: Reuters.