Company: CDAQF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021994
Chunk: 148

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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. As such, on November 30, 2021, we consummated the sale of an additional (i) 1,240,488 Over-Allotment Units, at $10.00 per Over-Allotment
Unit, and (ii) 165,398 Private Placement Warrants, at $1.50 per Private Placement Warrant, generating total gross proceeds of $12,404,880
and $248,097, respectively. The underwriters forfeited the balance of the Over-Allotment Option. A total of $12,404,880 of the net proceeds
was deposited into the Trust Account, bringing the aggregate proceeds deposited into the Trust Account in connection with our Initial
Public Offering to $212,404,880. We incurred additional offering costs of $682,268 in connection with the Over-Allotment Option (of which
$434,171 was for deferred underwriting fees). On August 11, 2023 and August 14, 2023, the underwriters of the Initial Public Offering
informed us of their decision to waive their rights to the deferred underwriting commission held in the Trust Account.

Our
Management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale
of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. We will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or
more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it
not to be required to register as an investment company under the Investment Company Act. There is no assurance that we will be able
to successfully effect a Business Combination.

21

We
will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, we may seek shareholder approval of a Business Combination at
a meeting called for such purpose at which Public Shareholders may seek to redeem their Public Shares without voting, and if they do
vote, irrespective of whether they vote for or against a Business Combination.

If
we seek shareholder approval of a Business Combination and do not conduct redemptions pursuant to the