Company: CDAQF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021994
Chunk: 152

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 152
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 redemption amount of approximately $29.6 million in the 2024 Redemptions.

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 20, 2026 (or such earlier date as determined by the Board of Directors) 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.

We
may seek to further extend the Combination Period consistent with applicable laws and regulations by amending our Amended and Restated
Charter. Such an amendment would require the approval of our Public Shareholders, who will be provided the opportunity to redeem all
or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our
Trust Account and our capitalization. See the 2025 Proxy Statement for additional information about the further extension of our Combination
Period.

Business
Combination with EEW

On
September 5, 2024, we entered into the Business Combination Agreement with the Purchaser Representative, EEW, the Sellers, the Seller
Representative and, upon execution of joinders thereto, Pubco and Merger Sub.

Pursuant
to the Business Combination Agreement, subject to the terms and conditions set forth therein, at the Closing, (a) Merger Sub will merge
with and into our Company, with our Company continuing as the surviving entity, and as a result of the Merger, (i) we shall become a
wholly-owned subsidiary of Pubco, and (ii) each issued and outstanding security of our Company immediately prior to the Effective Time
(as defined in the Business Combination Agreement) shall no longer be outstanding and shall automatically be cancelled, in exchange for
the right of the holder thereof to receive a substantially equivalent security of Pubco, (b) Pubco shall acquire all of EEW Ordinary
Shares from the