Digital Asset SPAC DAAQ Delays Merger Vote, Leaving Old Glory Bank Waiting on Critical $50M Lifeline

The Quick Take

• Digital asset SPAC DAAQ delayed its crucial merger vote without explanation, leaving Old Glory Bank in a severely undercapitalized position.
• Old Glory Bank is awaiting a $50 million lifeline from the SPAC merger that it needs to meet regulatory capital requirements.
• DAAQ disclosed no reason for the delay and has not revealed the current redemption tally — the key indicator of remaining trust funds.
• The delay exposes the fragility of SPAC-dependent recapitalization strategies for undercapitalized financial institutions.

DAAQ, a digital asset-focused Special Purpose Acquisition Company, has postponed its critical merger vote without providing shareholders or stakeholders with any explanation — a disclosure gap that leaves Old Glory Bank in a precarious position. The Oklahoma-based financial institution, which has positioned itself as a bank for conservative American customers and has sought to integrate cryptocurrency-friendly services, requires the $50 million in merger proceeds to meet federal capital adequacy requirements. Without the SPAC proceeds, Old Glory Bank's regulatory standing is in question.

The absence of a redemption tally disclosure is particularly concerning. In SPAC transactions, the redemption tally reveals how many original SPAC shareholders have elected to withdraw their funds rather than participate in the merger — a high redemption rate can leave the surviving entity with insufficient capital even if the vote passes. DAAQ's silence on this metric prevents the market from assessing whether the merger, if eventually approved, would actually deliver the $50 million Old Glory Bank needs. The combination of vote delay and redemption silence creates maximum uncertainty for all stakeholders.

Old Glory Bank's situation is emblematic of a broader SPAC-sector challenge: undercapitalized companies that relied on the 2020-2022 SPAC boom to access public market capital through reverse merger are now finding that deal execution has become materially more difficult in a higher-rate, lower-speculation environment. Investors in DAAQ should seek immediate clarity on the redemption tally and the reasons for the vote delay. Watch for any SEC filing updates from DAAQ that would illuminate the trust balance and shareholder composition, which are the key variables for assessing whether this deal can close at the capital level Old Glory Bank requires.

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