Since its October 2021 IPO, Compass Digital Acquisition has operated solely as a shell searching for a viable business combination target. With no revenues and consistent net losses from operating activities, the company’s value proposition rests heavily on completing a merger with Key Mining Corp., a critical minerals player. Repeated extensions of the merger deadline reflect operational challenges and shareholder redemptions that have depleted trust account funds. Approaching the April 2026 deadline, securing additional financing and navigating complex shareholder redemption rights will be decisive for Compass’s future.