Company: CDAQF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023544
Chunk: 56

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 56
---
,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
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