Compass Digital Acquisition in an 8-K said it entered into a non-redemption agreement with an unaffiliated third party investor who agreed to hold 140,000 Class A ordinary shares at the Spac’s upcoiming extension vote. The proposal calls for pushing the merger deadline to July 19, 2024.
In exchange, the investor is due to receive 21,000 Class B shares.
The SPAC also postponed tomorrow’s shareholder meeting until Oct. 19 at 1 p.m. Eastern. The redemption deadline has been extended to Oct. 17 at 5 p.m. Eastern.
Compass Digital in August signed a term sheet to sell the sponsor’s interests to HCG Opportunity, which will acquire 3,093,036 Class B shares and 3 million private placement warrants. HCG also appointed a new team of directors and officers.
The new executives include Daniel Hennessy – Chairman, Thomas Hennessy – CEO and director, Nick Geeza – CFO, Kirk Hovde – independent director, Matt Schindel – independent director and Joseph Beck – independent director.
Daniel Hennessy is a SPAC veteran, having overseen six blank-check companies in the last nine years. Read more.
Compass raised $200 million in an October 2021 IPO with plans to focus on businesses in the technology sector, including in the technology-led digital transformation software and services sector. The trust now stands at nearly $222 million. Read more.
