Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 49

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 49
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 connection with the Founder Share Conversions
are not registered under the Securities Act and will remain unregistered until registration is demanded by the Sponsors pursuant to the
Insider Letter, as amended by the Insider Letter Amendment and the Second Insider Letter Amendment, we entered into with our Sponsors,
Prior Directors and Officers, and directors and officers.

Following
the Sponsor Handover, the Founder Share Conversions and the Extension Redemptions, there were 5,681,485 Class
A Ordinary Shares and 2,110,122 Class B Ordinary Shares issued and outstanding and the Legacy Sponsor
and Sponsor hold approximately 28.45% and 39.70%, respectively, of the issued and outstanding Ordinary Shares.

For
more information on the Sponsor Handover, the Founder Share Conversions and the Founder Shares’ transfer restrictions, see “Item
1. Business.”

    (g)
    Use of Proceeds from the Initial Public Offering

For
a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 2 of our Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2021, as filed with the SEC on November 23, 2021. There has been no
material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration
Statement. The specific investments in our Trust Account may change from time to time.

On
October 19, 2023, we instructed Continental to liquidate the investments held in the Trust Account and instead to hold the funds in the
Trust Account in an interest-bearing demand deposit account at Citibank, N.A., with Continental continuing to act as trustee, until the
earlier of the consummation of our initial Business Combination or our liquidation. As a result, following the liquidation of investments
in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government
securities or money market funds invested in U.S. government securities.

26

    (h)
    Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers

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.