SCHEDULE: Tenor Entities Report 7.3% Stake in Digital Asset Corp.

Tenor Capital Management, Tenor Opportunity Master Fund, and Robin Shah jointly report beneficial ownership of 7.3% of Digital Asset Acquisition Corp.'s Class A ordinary shares.

Summary

• Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah collectively reported beneficial ownership of 1,250,000 Class A ordinary shares of Digital Asset Acquisition Corp.
• This ownership represents 7.3% of the total Class A ordinary shares outstanding.
• The shares are held by Tenor Opportunity Master Fund, Ltd., with Tenor Capital Management Company, L.P. serving as its investment manager.
• Robin Shah is the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital.
• All reporting persons share voting and dispositive power over these 1,250,000 shares.
• The percentage of ownership is calculated based on 17,250,000 Class A ordinary shares outstanding as of June 12, 2025, as stated in the Issuer's 10-Q filing.

Sentiment

Score: 5

Explanation: This filing is a routine beneficial ownership disclosure and does not contain information that would significantly alter the perceived financial health or strategic direction of the issuer. It merely reports a significant passive stake.

Positives

• Indicates a significant institutional investment by Tenor Capital Management Company, L.P. and Tenor Opportunity Master Fund, Ltd., holding 7.3% of the Class A ordinary shares.

Negatives

• No negative information regarding the issuer's performance or operations is disclosed in this beneficial ownership report.

Risks

• No specific company-related operational or financial risks are detailed in this ownership disclosure.

Future Outlook

This beneficial ownership report does not contain any forward-looking statements or guidance from Digital Asset Acquisition Corp.'s management.

Management Comments

• The reporting persons certify that the securities were not acquired and are not held for the purpose or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This is a routine Schedule 13G filing for a Special Purpose Acquisition Company (SPAC), Digital Asset Acquisition Corp., indicating a significant passive stake by an institutional investor. Such disclosures are standard for substantial shareholders and do not inherently signal strategic shifts for the issuer, especially when a passive investment intent is declared.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership, common for institutional investors acquiring significant stakes (over 5%) in publicly traded companies, including SPACs.
• The certification of passive investment intent aligns with typical Schedule 13G filings, differentiating it from Schedule 13D filings which indicate an intent to influence or control the issuer.

Stakeholder Impact

• Primarily impacts shareholders by providing transparency regarding significant institutional ownership, which can be viewed as a vote of confidence in the company.

Next Steps

• No specific future actions, events, or milestones for Digital Asset Acquisition Corp. are mentioned in this beneficial ownership report.

Key Dates

Keywords

Digital Asset Acquisition Corp, Tenor Capital Management, Tenor Opportunity Master Fund, Robin Shah, Schedule 13G, beneficial ownership, Class A ordinary shares, institutional investment, SPAC