Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 815

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 4
Chunk 815
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 redeem such shares for a pro rata portion of the funds in the Trust Account
(the “2023 Redemptions”). As a result, approximately $169.1 million (approximately $10.54 per share) was removed from the
Trust Account to pay such holders.

On
July 18, 2024, the Company held an extraordinary general meeting of shareholders in lieu of an annual general meeting of shareholders
(the “2024 EGM”) to approve, among other things, a proposal to amend the Amended and Restated Charter to extend the date
by which the Company must consummate an initial Business Combination from July 19, 2024 to December 19, 2024, and then on a monthly basis
up to four (4) times until April 19, 2025 (or such earlier date as determined by the Board of Directors (the “2024 Extension Amendment
Proposal”).

In
connection with the vote to approve the 2024 Extension Amendment Proposal, Public Shareholders holding 2,713,143 Public Shares (after
giving effect to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata portion of the funds in the Trust
Account (the “2024 Redemptions”). As a result of the 2024 Redemptions, approximately $29.6 million (approximately $10.92
per share) was removed from the Trust Account to pay such holders.

Founder
Share Conversions

On
October 19, 2023, following the approval of the Founder Share Amendment Proposal at the 2023 EGM, the Sponsors also converted an aggregate
of 600,000 Founder Shares on a one-for-one basis into Class A Ordinary Shares (the “2023 Founder Share Conversion”) and waived
any right to receive funds from the Trust Account with respect to the Class A Ordinary Shares received upon such conversion and acknowledged
that such shares will be subject to all of the restrictions applicable to the original Founder Shares under the terms of the Letter Agreement.

On
July 24, 2024, in connection with the 2024 EGM and the 2024 Redemptions, the Sponsors also converted an aggregate of 2,600,000 Founder
Shares on a one-for-one basis into Class A Ordinary Shares (the “2024 Founder Share Conversion”) and waived any right to
receive funds from the Trust Account with respect to the Class A Ordinary Shares received upon such conversion and acknowledged that
such