Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 121

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 121
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to amend the Amended and Restated Charter to (i) extend the date by which the Company must consummate an initial business combination
from October 19, 2023 to July 19, 2024 (the “2023 Extension Amendment Proposal”) and (ii) to provide for the right of holders
of the Company’s Class B Ordinary Shares, par value $0.0001 per share (the “Class B Ordinary Shares,” and together
with the Class A Ordinary Shares, the “Ordinary Shares”), to convert such shares into Class A Ordinary Shares on a one-for-one
basis at any time and from time to time prior to the closing of a Business Combination at the election of the holders (the “Founder
Share Amendment Proposal” and together with the 2023 Extension Amendment Proposal, the “Charter Amendment Proposals”).

In
connection with the vote to approve the Charter Amendment Proposals, Public Shareholders holding 16,045,860 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
(the “2023 Redemptions”). As a result, approximately $169.1 million (approximately $10.54 per share) was removed from the
Trust Account to pay such holders.

On
July 18, 2024, the Company held an extraordinary general meeting of shareholders in lieu of an annual general meeting of shareholders
(the “2024 EGM”) to approve, among other things, a proposal to amend the Amended and Restated Charter to extend the date
by which the Company must consummate an initial Business Combination from July 19, 2024 to December 19, 2024, and then on a monthly basis
up to four (4) times until April 19, 2025 (or such earlier date as determined by the Board of Directors (the “2024 Extension Amendment
Proposal”).

In
connection with the vote to approve the 2024 Extension Amendment Proposal, Public Shareholders holding 2,713,143 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 (the “2024 Redemptions”). As a result of the 2024 Redemptions, approximately $29.6 million (approximately $10.92
per share) was removed from the Trust Account to pay