Frequently Asked Questions

Old Glory Bank to be Publicly Listed on the Nasdaq

For our owners, customers, and fans, we hope you'll find these answers helpful. 

Learn More About SPACS

What is a SPAC? 

A Special Purpose Acquisition Company (SPAC) is a publicly traded company created to raise capital through an initial public offering (IPO) for the purpose of merging with an existing private company. SPACs are often referred to as “blank check companies” because they have no commercial operations at the time of their IPO. A SPAC is essentially made up of funds from investors sitting in escrow until a target company is identified.

  • Faster Path to Public Markets: Private companies can go public more quickly compared to a traditional IPO.

  • Access to Capital: SPACs provide significant funding opportunities for growing businesses.

  • Flexibility: SPAC deals often allow for more negotiation on valuation and terms. 

1. Formation and IPO

A SPAC is formed by a group of investors or sponsors who have expertise in a particular industry. The SPAC raises funds through an IPO, selling shares to public investors.

2. Trust Account

The money raised is placed in a secure trust account while the SPAC searches for a suitable private company with which to merge. (In this case, Old Glory Bank was the private company they chose.) 

3. Merger

Once a target company is identified, the SPAC negotiates a merger. After approval, the private company becomes publicly traded without going through the traditional IPO process.

General Information

We have reserved "OGB" as our stock symbol.

No. Old Glory Bank will continue to operate as it has, with the same team of dedicated patriots who have been fighting for our mission all along.

Will there be a change in Old Glory Bank’s staff or leadership as a result of this merger?

For Old Glory Bank, our Board of Directors, our Executive Leadership, and our fantastic team are still at the helm, ready to lead Old Glory Bank into our next chapter as a public company.  Mike Ring will remain be our President and CEO. Upon the closing, our public "holding company" we will have two additional people announced soon!

Buying and Selling OGB Stock

I have purchased Old Glory Bank stock. Can I sell those shares?

If you purchased stock during our Regulation A Offering (our "mini-IPO), those shares will be unrestricted and freely tradeable upon our listing on the NASDAQ, if you want to sell.   

In the next 60 days, every stockholder will hear from us about how your shares in Old Glory Holding Company will be exchanged for shares in OGB Financial Company, the new Texas public company.  We have a great public company Electronic Transfer Agent that will handle our shares for trading.  Of course, our deal is not done "until it's done," and there are typical conditions to closing, many of which are described in Form 8-K at SEC.gov.

If you purchased stock during our Regulation D Offering, your shares will also be exchanged for shares in OGB Financial Company, tradeable on the Nasdaq, unless you were one of the owners that have already agreed to be locked-up for up to 12 months, because of the size of your holdings.  

While you should always consult with your investor advisor about decisions regarding the buying and selling of stock, we hope that all of our great owners stay owners, but this is up to you!

What happens to the Old Glory Bank shares I already own?

Prior to when our deal closes, we will reach out to you with the name of the Electronic Transfer Agent that will manage our stock trades on the Nasdaq.  You will open an account (very easy to do) and they will exchange your shares into the new public company, OGB Financial Company, with a trading symbol of OGB. You don't have to worry about this – we have your information and you'll hear from us over the next 60 days.

I missed the earlier investment opportunities. Can I invest in OGB now, prior to the Nasdaq listing? 

If you want to become an owner today, you can consider buying the stock in our new SPAC partner, with a trading symbol of DAAQ. By purchasing their stock, you are indirectly investing in us, because that is the public company into which we will merge at the closing of our transaction, which will then change its name to OGB Financial Company and take the trading symbol OGB. Granted, there is a risk that any deal, including our deal, does not close, but we will work very hard to close. So, please take a look at DAAQ and all of the public filings and make a decision if you want to buy. After you review all of the material, we hope that you purchase DAAQ stock.  

Will the stock pay a dividend? 

There is no current plan that either DAAQ, or OGB following the closing, will pay dividends. Long into the future, that may change, but we don't know when that may be.

SPAC Details

What is the name of the SPAC? 

The Special Purpose Acquisition Company is Digital Asset Acquisition Company (DAAQ on NASDAQ). 

What are the financial terms of this deal?

DAAQ currently has $176 million in its trust account, and Old Glory Bank’s enterprise valuation will be $250 million in this transaction. The parties intend to arrange a PIPE or other proceeds of at least $50 million for closing.   

Where will the newly formed company be incorporated?

Every corporation needs a "state of incorporation." Old Glory Holding Company, like many corporations, was incorporated in Delaware in 2022.   
 
We no longer believe Delaware shares our values, and the Freedom Economy no longer trusts Delaware. Thus, we are moving to Texas as part of this transaction. We are going to be listed on NASDAQ (not the NYSE), for the same reason. Nothing changes, other than our "state of incorporation." We believe we’ll be one of the first SPACs to do this in Texas. 
 

But, wait – isn't OGB based in Oklahoma? 

Texas will be where our public company, OGB Financial Company, is registered as a corporation. Old Glory Bank will remain an Oklahoma bank, with a branch in beautiful Elmore City, serving customers online in all 50 states!  

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