Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 409

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1C
Chunk 409
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 officers, which is effective as of the Sponsor
Handover on August 31, 2023.

Extensions
of our Combination Period

We
initially had until October 19, 2023, 24 months from the closing of the Initial Public Offering, to consummate our initial Business Combination.

On
October 19, 2023, we held the 2023 EGM, at which our shareholders approved the Charter Amendment Proposals. In connection with the vote
to approve the Charter Amendment Proposals, Public Shareholders holding 16,045,860 Public Shares (after giving effect to withdrawals
of redemptions) exercised their right to redeem such Public Shares for cash at a redemption price of approximately $10.54 per Public
Share, for an aggregate redemption amount of approximately $169.1 million in the 2023 Redemptions.

On
July 18, 2024, we held the 2024 EGM to approve, among other things, 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 Public Shares for cash at a redemption price
of approximately $10.92 per Public Share, for an aggregate redemption amount of approximately $29.6 million in the 2024 Redemptions.

30

We
may seek to further extend the Combination Period consistent with applicable laws and regulations by amending our Amended and Restated
Charter. Such an amendment would require the approval of our Public Shareholders, who will be provided the opportunity to redeem all
or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our
Trust Account and our capitalization. See the 2025 Proxy Statement for additional information about the further extension
of our Combination Period.

Founder
Share Conversions

On
October 19, 2023, following the approval of the Founder Share Amendment Proposal by our shareholders at the 2023 EGM, we issued an aggregate
of 600,000 Class A Ordinary Shares to the Sponsors upon the conversion of an equal number of Class B Ordinary Shares held by the Sponsors
as Founder Shares in the 2023 Founder Share Conversion.

On
July 24, 2024, in connection with the 2024 EGM and the 2024