Digital Asset Acquisition Corp. has postponed its shareholder vote on the merger with Old Glory Holding Company from July 31 to August 14, without providing a reason. Old Glory Bank was below the 4% Tier 1 leverage ratio threshold and is subject to a stricter 14% requirement under a May 2024 consent order from regulators. The merger requires at least $50 million in closing cash, though no redemption tally or PIPE financing details have been disclosed. The holding company faces substantial doubt about its ability to continue as a going concern, with Federal Reserve approval still pending.
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