Compass Digital Acquisition in an 8-K said shareholders approved pushing the SPAC’s completion deadline from Oct. 19 up to July 19, 2024.
Compass Digital said 16,045,860 Class A shares were redeemed for approximately $169.1 million ($10.54 per share), leaving 5,194,628 shares outstanding.
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 SPAC 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.
