Old Glory Holding Company and Digital Asset Acquisition Corp. Terminate Merger Plans
Elmore City, Oklahoma-based Old Glory Holding Company has terminated its merger plans with special-purpose acquisition company (SPAC) Digital Asset Acquisition Corp., according to a recent securities filing. The deal was initially announced in January as part of an effort to create OGB Financial Company, a crypto-focused bank listed on the Nasdaq. Neither party paid a termination fee. An Old Glory spokesperson stated that the Federal Reserve did not approve the transaction and hinted at potential legal action by CEO Mike Ring against regulators. The company plans to remain private for now amid positive feedback from stockholders and account holders. Old Glory has faced financial challenges, including operating under an FDIC consent order since May 2024 due to insufficient capital. The merger was expected to address these issues by providing the necessary capital through a $176 million trust fund held by Digital Asset Acquisition Corp., with further investment of at least $50 million planned. Old Glory reported significant losses in recent years and has struggled to meet regulatory leverage requirements, which were intended to be resolved via the merger.
Topics: cryptocurrency banking Federal Reserve merger termination SPAC