Company: CDAQF
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010268
Chunk: 47

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
follows:

Through the date of this filing, the Company has drawn an additional $85,518
on the 2024 Promissory Note. The total aggregate outstanding balance on the 2024 Promissory Note is $1,466,537.

On
April 16, 2025, the Company held the 2025 EGM and the shareholders of the Company approved (i) the 2025 Extension Amendment Proposal
to the Combination Period from April 19, 2025 to April 19, 2026 and (ii) to eliminate the Redemption Limitation. 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. 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. 

On
May 8, 2025, the Company entered into a non-redemption agreement with the Sponsor and an unaffiliated, third-party investor in exchange
for such investor agreeing not to redeem 100,000 Public Shares in connection with the vote to approve the 2025 Extension Amendment Proposal
at the 2025 EGM. In exchange for the commitment not to redeem the 100,000 Public Shares, the Sponsor agreed to transfer to such investor
(i) 20,000 Founder Shares held by the Sponsor and (ii) if the initial Business Combination is not completed by October 19, 2025, an additional
20,000 Founder Shares held by the Sponsor.

20

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary
Note Regarding Forward-Looking Statements

All
statements other than statements of historical fact included in this Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2025 (this “Report”) including, without limitation, statements under this Item regarding our financial position, business
strategy and the plans and objectives of Management for future operations, are forward-looking statements. When used in this Report,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or our Management, identify forward-looking statements. Such