Business Context and Reporting Period
Company: Digital Asset Acquisition Corp. (DAAQ)
Filing Type: Form 8-K (Current Report)
Date of Report: February 23, 2026
Reporting Period: Specific event date (February 23, 2026)
This filing discloses a material development regarding a previously announced business combination between DAAQ and Old Glory Holding Company ("Old Glory Bank"). The transaction, originally announced on January 13, 2026, involves DAAQ domesticating from the Cayman Islands to Texas and changing its name to "OGB Financial Company" ("Pubco"). Old Glory Bank will merge into Pubco.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide specific financial metrics, revenue figures, profit data, cash flow statements, margin analysis, debt levels, or liquidity ratios for either DAAQ or Old Glory Bank. This report focuses on corporate governance and transaction status rather than financial performance.
Material Changes
- Board Composition: On February 23, 2026, Old Glory Bank announced that Peter Ort and Michael Sonnenshein intend to join the board of directors of Pubco upon the consummation of the Business Combination, subject to regulatory approval.
- Corporate Structure: The transaction will result in DAAQ deregistering as a Cayman Islands exempted company and domesticating as a Texas corporation.
- Securities: The combined entity will issue securities to DAAQ securityholders and Old Glory Bank equityholders as part of the merger.
Guidance, Outlook, and Risks
Outlook and Next Steps: The Business Combination is subject to shareholder approval by DAAQ shareholders. The companies intend to file a registration statement on Form S-4, which will include a proxy statement/prospectus. A definitive proxy statement will be mailed to shareholders once the registration statement is declared effective.
Risks and Contingencies: The filing includes extensive forward-looking statements and risk factors, including:
- Failure to obtain shareholder approval or satisfy closing conditions.
- Regulatory approval requirements for the new board members and the transaction structure.
- Potential disruption to current plans and operations.
- Uncertainty regarding future financial performance, costs, and capital requirements of the combined company.
- Changes in laws, regulations, or market conditions that could affect the transaction.
Unusual Items: The filing explicitly states that the information furnished is not "filed" for purposes of Section 18 of the Exchange Act and does not constitute an offer to sell or a solicitation of an offer to buy securities.
Investor Verification Checklist
- Verify the status of the Form S-4 registration statement and the availability of the definitive proxy statement/prospectus.
- Confirm the regulatory approval status for Peter Ort and Michael Sonnenshein to join the Pubco board.
- Review the "Risk Factors" section in the upcoming Form S-4 for detailed risks regarding the merger and the combined entity's financial health.
- Monitor announcements regarding the record date for the extraordinary general meeting to vote on the Business Combination.
- Check for any updates on the domestication process from the Cayman Islands to Texas.