Company: CDAQF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021994
Chunk: 86

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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 initial Business Combination from April 19, 2025 to April 20, 2026 (or such earlier date as determined
by the Board of Directors (the “2025 Extension Amendment Proposal”).

In
connection with the vote to approve the 2025 Extension Amendment Proposal, Public Shareholders holding 2,370,619 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 “2025 Redemptions”). As a result of the 2025 Redemptions, approximately $26.7 million (approximately $11.25
per share) was removed from the Trust Account to pay such holders.

    7

COMPASS
DIGITAL ACQUISITION CORP.

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

Founder
Share Conversions

On
October 19, 2023, following the approval of the Founder Share Amendment Proposal at the 2023 EGM, the Sponsors also converted an aggregate
of 600,000 Founder Shares on a one-for-one basis into Class A Ordinary Shares (the “2023 Founder Share Conversion”) and waived
any right to receive funds from the Trust Account with respect to the Class A Ordinary Shares received upon such conversion and acknowledged
that such shares will be subject to all of the restrictions applicable to the original Founder Shares under the terms of the Letter Agreement.

On
July 24, 2024, in connection with the 2024 EGM and the 2024 Redemptions, the Sponsors also converted an aggregate of 2,600,000 Founder
Shares on a one-for-one basis into Class A Ordinary Shares (the “2024 Founder Share Conversion”) and waived any right to
receive funds from the Trust Account with respect to the Class A Ordinary Shares received upon such conversion and acknowledged that
such shares will be subject to all of the restrictions applicable to the original Founder Shares under the terms of the Letter Agreement.

Business
Combination Agreement

On
September 5, 2024, the Company entered into a Business Combination Agreement (as amended, restated or otherwise modified from time to
time, the “Business Combination Agreement”) with (i) the Sponsor, in the capacity as the representative from and after the
closing of the transactions contemplated by the Business Combination Agreement (the “Closing”) for the