Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 113

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 113
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business combination with one or more businesses (the “Business Combination”). The Company is an early-stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early-stage and emerging growth companies.

As
of December 31, 2024, the Company had not yet commenced any operations. All activity for the period from March 8, 2021 (inception) through
December 31, 2024 relates to the Company’s formation, the initial public offering that was consummated by the Company on October
19, 2021 (the “Initial Public Offering” or “IPO”), which is described below, and the search for a target business
with which to consummate an initial Business Combination. The Company will not generate any operating revenues until after the completion
of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from
the proceeds derived from the Initial Public Offering and the Private Placement (as defined below). The Company has selected December
31 as its fiscal year end.

The
Company’s sponsor was originally Compass Digital SPAC LLC (the “Legacy Sponsor”), until August 31, 2023 and has been
HCG Opportunity, LLC, a Delaware limited liability company (the “Sponsor,” together, with the Legacy Sponsor, the “Sponsors”),
since August 31, 2023 (see Note 5).

The
Registration Statement on Form S-1 for the Initial Public Offering, initially filed with the Securities and Exchange Commission (the
“SEC”) on September 14, 2021, as amended (File No. 333-259502), was declared effective on October 14, 2021 (the “IPO
Registration Statement”). On October 19, 2021, the Company consummated the Initial Public Offering of 20,000,000 units (“Units”
and, with respect to the (i) Class A Ordinary Shares (as defined below) included in the Units offered, the “Public Shares”
and (ii) redeemable warrants included in the Units offered, the “Public Warrants”), at $10.00 per Unit, generating gross
proceeds of $200,000,000. Each Unit consists of one Class A Ordinary Share, par value $0.0001 per share, of the Company (the “Class
A Ordinary Shares”), and one-third of one Public Warrant (see Note