Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 963

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 5
Chunk 963
---
 the Trust Agreement.

General
and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available
to complete a business combination or similar transaction within the business combination period. The CODM also reviews general and administrative
costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General
and administrative costs, as reported on the statement of operations, are the significant segment expenses provided to the CODM on a
regular basis.

All
other segment items included in net income or loss are reported on the statement of operations and described within their respective
disclosures.

NOTE
12 - SUBSEQUENT EVENTS

The
Company evaluated events that have occurred after the balance sheet date up through the date the accompanying financial statements were
issued. Based upon the review, Management did not identify any other subsequent events, that would have required adjustment or disclosure
in the accompanying financial statements, except as follows:

Through
the date of this filing, the Company has drawn an additional $266,019
on the 2024 Promissory Note. The total aggregate
outstanding balance on the 2024 Promissory Note $1,381,019.

On
March 5, 2025, Nasdaq filed a Form 25-NSE to delist the Company’s securities from Nasdaq.

On
March 13, 2025, the Company filed a preliminary proxy statement in connection with an upcoming extraordinary general meeting in lieu
of an annual general meeting of its shareholders to, among other things, seek (i) an extension of the Combination Period from April 19,
2025 to April 20, 2026 and (ii) to eliminate from the Amended and Restated Charter the limitation that the Company may not redeem Public
Shares to the extent that such redemption would result in the Company having net tangible assets (as determined in accordance with Rule
3a51-1(g)(1) of the Exchange Act) of less than $5,000,001.

F-24

EXHIBIT
INDEX

    Exhibit
    
    No.
     
    Description
  
    1.1
     
    Underwriting Agreement, dated October 14, 2021, by and among the Company, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters. (2)
  
    2.1
     
    Business Combination Agreement, dated as of September