Company: CDAQF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001641172-25-000430
Chunk: 53

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 53
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 2021 Promissory Note); (iii) our Sponsor entered into the Registration Rights Agreement Joinder; (iv) the Prior Sponsor assigned the Administrative Services Agreement to our Sponsor; (v) all Prior Directors and Officers resigned, and each member of our Management Team was appointed by our Sponsor; and (vi) we entered into the Insider Agreement Amendment with the Sponsors and the Prior Directors and Officers.For more information about the Sponsor Handover and the Sponsor Purchase Agreement, see the 2024 Annual Report.

Prior Extensions of our Combination Period

We initially had until October 19, 2023, 24 months from the closing of the IPO, to consummate our initial Business Combination.

On October 19, 2023, we held the First Shareholder Meeting at which our shareholders approved, among other things, the First Extension. In connection with the vote to approve the First Extension, Public Shareholders holding 16,045,860 Public Shares (after giving effect to withdrawals of redemptions) exercised their right to redeem such Public Shares for cash at a redemption price of approximately $10.54 per Public Share, for an aggregate redemption amount of approximately $169.1 million (the “ 2023 Redemptions”).

On July 18, 2024, we held the Second Shareholder Meeting to approve, among other things, the Second Extension. In connection with the vote to approve the Second Extension, Public Shareholders holding 2,713,143 Public Shares (after giving effect to withdrawals of redemptions) exercised their right to redeem such Public Shares for cash at a redemption price of approximately $10.92 per Public Share, for an aggregate redemption amount of approximately $29.6 million (the “2024 Redemptions” and together with the 2023 Redemptions, the “ Prior Extension Redemptions”).

In connection with the Second Shareholder Meeting, we agreed to waive our right to withdraw up to $100,000 of interest accrued on the Trust Account to pay dissolution expenses, as permitted by the Amended and Restated Charter, should we ultimately liquidate before consummating a Business Combination. Instead, we agreed that we will withdraw only up to $50,000 of interest for such dissolution expenses upon liquidation, and any remaining interest accrued will be held in the Trust Account and will, subject to applicable law, be released to Public Shareholders upon the redemption of 100% of the Public Shares if we are unable to complete a Business Combination within the Combination Period.