MergerMay 15, 2026, 04:27 PM
DAAQ to Merge with Old Glory Bank; Q1 Net Income $1.04M
AI Summary
Digital Asset Acquisition Corp. (DAAQ) announced a definitive business combination agreement with Old Glory Bank, aiming to create OGB Financial Company, which will be listed on Nasdaq. The transaction is expected to close in Q2 2026. For Q1 2026, DAAQ reported a net income of $1.04 million, a significant improvement from a net loss of $54,616 in Q1 2025, primarily driven by earnings on marketable securities in the Trust Account. The company also noted substantial doubt about its ability to continue as a going concern if the business combination is not completed by January 30, 2027.
Key Highlights
- Entered definitive agreement to merge with Old Glory Bank on January 13, 2026.
- Q1 2026 net income was $1,038,689, up from a net loss of $(54,616) in Q1 2025.
- Basic and diluted net income per Class A share was $0.05 for Q1 2026.
- Marketable securities in Trust Account totaled $178,582,550 as of March 31, 2026.
- Cash and cash equivalents were $614,066 as of March 31, 2026.
- General and administrative expenses increased to $426,442 in Q1 2026 from $54,616 in Q1 2025.
- Company faces going concern doubt if business combination not completed by January 30, 2027.
Price Impact