Company: CDAQF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023544
Chunk: 115

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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 are entitled to one vote for each share. As of June 30, 2025 and December 31, 2024, there were 3,310,866 and 5,681,485 Class A
Ordinary Shares issued and outstanding, respectively. Of the outstanding Class A Ordinary Shares, 110,866 and 2,481,485 shares were subject
to possible redemption at June 30, 2025 and December 31, 2024, respectively, and therefore classified outside of permanent equity.

Class
B Ordinary Shares

The
Company is authorized to issue up to 20,000,000 Class B Ordinary Shares, $0.0001 par value per share. Holders of the Class B Ordinary
Shares are entitled to one vote for each share. At June 30, 2025 and December 31, 2024, there were 2,110,122 Class B Ordinary Shares
issued and outstanding. The Company originally issued 5,750,000 Class B Ordinary Shares, and 439,878 Class B Ordinary Shares were forfeited
in the partial exercise of the Over-Allotment Option. On October 19, 2023, following approval by the Company’s shareholders of
the Founder Share Amendment Proposal at the 2023 EGM, the Sponsors converted an aggregate of 600,000 Class B Ordinary Shares on a one-for-one
basis into Class A Ordinary Shares in the 2023 Founder Share Conversion.

    18

COMPASS
DIGITAL ACQUISITION CORP.

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

As
of December 31, 2023, pursuant to the 2023 Non-Redemption Agreements, the Sponsor agreed to transfer 749,810 Class B Ordinary Shares
to certain investors on or promptly after the consummation of the Business Combination. On July 15, 2024, the Sponsors converted an aggregate
of 2,600,000 Class B Ordinary Shares on a one-for-one basis into Class A Ordinary Shares in the 2024 Founder Share Conversion. As of
June 30, 2025, pursuant to the various non-redemption agreements, the Sponsor has agreed to transfer 782,490 Class B Ordinary Shares
to certain investors on or promptly after the consummation of the Business Combination.

The
Class B Ordinary Shares may be converted into Class A Ordinary Shares on