Item 8.01. Other Events.
On October 19, 2021, Compass Digital Acquisition Corp. (the "Company")
consummated its initial public offering ("IPO") of 20,000,000 units (the
"Units"). Each Unit consists of one Class A ordinary share of the Company, par
value $0.0001 per share (the "Class A Ordinary Shares"), and one-third of one
redeemable warrant of the Company ("Warrant"), each whole Warrant entitling the
holder thereof to purchase one Class A Ordinary Share for $11.50 per share. The
Units were sold at a price of $10.00 per unit, generating gross proceeds to the
Company of $200,000,000.
Substantially concurrently with the closing of the IPO, the Company completed
the private sale (the "Private Placement") of 4,666,667 warrants (the "Private
Placement Warrants") to Compass Digital SPAC LLC (the "Sponsor") at a purchase
price of $1.50 per Private Placement Warrant, generating gross proceeds to the
Company of $7,000,000.
A total of $200,000,000, comprised of $196,000,000 of the proceeds from the IPO,
including $7,000,000 of the underwriters' deferred discount, and $4,000,000 of
the proceeds of the sale of the Private Placement Warrants, was placed in a
U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by
Continental Stock Transfer & Trust Company, acting as trustee. An audited
balance sheet as of October 14, 2021 reflecting receipt of the proceeds upon
consummation of the IPO and the Private Placement has been issued by the Company
and is included as Exhibit 99.1 to this Current Report on Form 8-K.
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