Compass Digital postpones SPAC extension vote to Oct 19; non-redemption deal for 140K shares

Compass Digital Acquisition Corp.

Non-redemption agreement with unaffiliated investor: agrees not to redeem 140,000 Class A shares; sponsor to transfer 21,000 Class B shares post-business combination.
Extraordinary general meeting postponed to 1:00 PM ET on October 19, 2023.
Redemption deadline extended to 5:00 PM ET on October 17, 2023.
Trust account ~$223.41M as of Oct 5; estimated per-share redemption price $10.54 vs. prior close of $10.51.
Shareholders to vote on extending deadline to July 19, 2024 and charter amendment for founder share conversion.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Compass Digital Acquisition Corp. entered into Non-Redemption Agreement with an unaffiliated third party investor (effective 2023-10-10).

Action: entry
Counterparty: an unaffiliated third party investor
Effective: 2023-10-10

Exact text from the filing

On October 10, 2023, HCG Opportunity, LLC (the “Sponsor”) and Compass Digital Acquisition Corp. (the “Company”) entered into an agreement (“Non-Redemption Agreement”) with an unaffiliated third party investor in exchange for such investor agreeing not to redeem an aggregate of 140,000 Class A ordinary shares (“Non-Redeemed Shares”) at the extraordinary general meeting called by the Company (the “Meeting”) to approve a proposal to amend the Company’s amended and restated articles of association (the “Charter”) to extend the date by which the Company must consummate an initial business combination (the “Extension Amendment Proposal”) from October 19, 2023 to July 19, 2024 (the “Extension”) and to approve a proposal to amend the Charter to permit the issuance of Class A ordinary shares to holders of the Class B ordinary shares, upon the exercise of the right of a holder of the Class B ordinary shares to convert such Class B ordinary shares into Class A ordinary shares on a one-for-one bas

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Compass Digital Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-036772

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