August 17, 2026
Digital Asset Acquisition shares rose after it scrapped its deal to buy Old Glory Holding Company.
What happened
Digital Asset Acquisition announced it had terminated its business combination agreement with Old Glory Holding Company. The stock moved roughly 500 billion dollars of market value on the news, even though DAAQ itself fell 0.1 percent on the day.
Why it matters
SPAC sponsors raise money and promise to find a target. When a deal breaks, investors get back roughly the cash held in trust instead of owning an often falling post-merger stock. That relief bid, returning cash to shareholders, explains why shares can trade higher on a termination.
The case against
The pop may be noise around a penny-wide spread. A termination also means the sponsor failed to close, which can signal weak due diligence and damages the SPAC’s reputation for any future hunt.
What settles it
Watch for the trust liquidation timetable and the per-share cash value DAAQ will return to holders.