Company: CDAQF
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010268
Chunk: 144

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 144
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 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 OTC Pink Market 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 19, 2026 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
August 30, 2023, our Sponsors entered into the Sponsor Purchase Agreement, and on August 31, 2023, our Sponsors consummated the Sponsor
Handover. Pursuant to the terms of the Sponsor Purchase Agreement, at the Sponsor Handover: (i) the Legacy Sponsor transferred 3,093,036
Founder Shares and 4,645,398 Private Placement Warrants to our Sponsor; (ii) our Sponsor agreed to cause us to pay an aggregated amount
of $300,000 in cash consideration upon closing of the Business Combination at the Legacy Sponsor’s direction to entities or accounts
as directed by the Legacy Sponsor (including the repayment of $125,000 under the 2021 Promissory Note); (iii) our Sponsor entered into
the Registration Rights Agreement Joinder; (iv) the Legacy Sponsor assigned the Administrative Services Agreement to our Sponsor; (v)
Neemuchwala, Burhan Jaffer, Satish Gupta, Steven Freiberg, Deborah C. Hopkins and Bill Owens (collectively, our “Prior Directors
and Officers”) resigned, and each member of our management team was appointed by our Sponsor; and (vi) we entered into a letter
agreement amendment with the Sponsors and the Prior Directors and Officers.

22

Extensions
of our Combination Period

We
initially had until October 19,