Company: CDAQF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023544
Chunk: 125

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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 the approval of the remaining shareholders and our Board of Directors, proceed to commence a voluntary liquidation and thereby
a formal dissolution of our Company, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors
and the requirements of applicable law. In the event of such distribution, it is possible that the per share value of the assets remaining
available for distribution will be less than approximately $11.48 per Public Share (net of taxes paid or payable, as of June 30, 2025).

As
of June 30, 2025 and December 31, 2024, we held cash of $1,521 and $27,720, respectively, and current liabilities of $6,973,759 and $6,162,507,
respectively. Further, we expect to continue to incur significant costs in the pursuit of our initial Business Combination. We cannot
assure you that our plans to complete an initial Business Combination will be successful.

Recent
Developments

Between
June 30, 2025 through the date of this Report, we have drawn an additional $42,000 on the 2024 Promissory Note. The total aggregate outstanding
balance on the 2024 Promissory Note is $1,574,121.

On
March 5, 2025, The Nasdaq Stock Market LLC (“Nasdaq”) filed a Form 25-NSE to delist our securities from Nasdaq. Our Class
A Ordinary Shares, Public Warrants, and Units are quoted on the OTCID under the symbols “CDAQF,” “CDAWF” and
“CDAUF,” respectively. We remain a reporting entity under the Exchange Act with respect to continued disclosure of financial
and operational information.

On
April 16, 2025, we held the 2025 EGM and our shareholders approved (i) the 2025 Extension Amendment Proposal to the Combination Period
from April 19, 2025 to April 20, 2026 (or such earlier date as determined by the Board of Directors) and (ii) to eliminate the limitation
that the Company may not redeem the Public Shares to the extent that such redemption would result in the Company having net tangible
assets of less than $5,000,001 (the “Redemption Limitation”) in order to allow the Company to redeem Public Shares irrespective
of whether such redemption would exceed the Redemption Limitation.

Sponsor
Handover

On