Compass Digital Acquisition Corp. Prices of $200 Million IPO

NEW YORK–(BUSINESS WIRE)–Compass Digital Acquisition Corp. announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market and trade under the ticker symbol “CDAQU” beginning on October 15, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “CDAQ” and “CDAQW,” respectively.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to concentrate on businesses in the technology sector, including in the technology-led digital transformation software and services sector. This includes a focus on technology-first IT and digital transformation software or services providers that have a significant share of their customer base in developed markets.

The management team is being led by Abidali Neemuchwala, the Company’s Chairman and Chief Executive Officer, who was formerly the Chief Executive Officer at Wipro Ltd.; and Burhan Jaffer, the Company’s Chief Financial Officer, who was formerly the Chief Strategy and Corporate Development Officer at Conduent Inc. Vikram S. Pandit is serving as the senior advisor to the Company.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers of the offering. Ladenburg Thalmann & Co. Inc. is acting as co-manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.