Digital Asset Acquisition Corp. (NASDAQ:DAAQ) shares jumped 43.42% to $10.41 in after-hours trading on Thursday after disclosing it mutually terminated its business combination agreement with Old Glory Holding Company, a Delaware-based bank holding company.
In a Securities and Exchange Commission filing on Thursday, DAAQ said the deal, originally signed Jan. 13, called for DAAQ to first domesticate as a Texas corporation, after which Old Glory would merge into it.
No Termination Fee, Shareholder Meeting Scrapped
According to the filing, both parties agreed to a full mutual release of claims, with no termination fee owed by either side.
As a result of the termination, DAAQ indefinitely postponed its extraordinary general shareholder meeting, originally scheduled for Aug. 14, 2026.
Trading Metrics, Technical Analysis
Digital Asset Acquisition has a market capitalization of $166.87 million, with a 52-week high of $10.49 and a 52-week low of $6.60. As of Aug. 7, the company had 980,000 shares outstanding.
The Relative Strength Index (RSI) of DAAQ stands at 30.88.
The stock has fallen 29.24% over the past 12 months.
DAAQ is currently trading at about 17% of its 52-week range, putting it relatively close to its 52-week low.
Price Action: The small-cap stock of the New Jersey-based blank-check special purpose acquisition company closed at $7.26 on Thursday, down 0.89%, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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