Company: CDAQF
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010268
Chunk: 13

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 which the Company must consummate an initial business combination from October 19, 2023 to July 19, 2024 (the “2023
Extension Amendment Proposal”) and (ii) to provide for the right of holders of the Company’s Class B Ordinary Shares, par
value $0.0001 per share (the “Class B Ordinary Shares,” and together with the Class A Ordinary Shares, the “Ordinary
Shares”), to convert such shares into Class A Ordinary Shares on a one-for-one basis at any time and from time to time prior to
the closing of a Business Combination at the election of the holders (the “Founder Share Amendment Proposal” and together
with the 2023 Extension Amendment Proposal, 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 shares for a pro rata portion of the funds in the Trust Account (the “2023 Redemptions”). As a
result, approximately $169.1 million (approximately $10.54 per share) was removed from the Trust Account to pay such holders.

On July 18, 2024, the Company held an extraordinary
general meeting of shareholders in lieu of an annual general meeting of shareholders (the “2024 EGM”) to approve, among other
things, a proposal to amend the Amended and Restated Charter to extend the date by which the Company must consummate an initial Business
Combination from July 19, 2024 to December 19, 2024, and then on a monthly basis up to four (4) times until April 19, 2025 (or such earlier
date as determined by the Board of Directors (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 shares for a pro rata portion of the funds in the Trust Account (the “2024 Redemptions”). As a
result of the 2024 Redemptions, approximately $29.6 million (approximately $10.92 per share) was removed from the Trust Account to pay
such holders.

On April 16, 2025, the Company held an