Hudson Bay Capital Takes 9.9% Stake in Compass Digital Acquisition

TL;DR

**Hudson Bay Capital just revealed a 9.9% stake in CDAQ, signaling institutional confidence.**

AI Summary

Hudson Bay Capital Management LP, a Delaware-based investment firm, reported beneficial ownership of 1,800,000 Class A Ordinary Shares of Compass Digital Acquisition Corp. (CDAQ) as of December 31, 2023. This represents 9.9% of CDAQ's outstanding shares, making Hudson Bay a significant shareholder. This matters to investors because a large institutional stake can signal confidence in the company's future, potentially influencing stock price and future strategic decisions for this blank check company.

Why It Matters

A major institutional investor like Hudson Bay Capital Management LP holding nearly 10% of Compass Digital Acquisition Corp. (CDAQ) indicates a strong belief in the SPAC's potential to find a suitable merger target, which could be a positive signal for other investors.

Risk Assessment

Risk Level: medium — While a large institutional stake can be positive, SPACs inherently carry medium risk due to the uncertainty of their future acquisition target and the potential for dilution.

Analyst Insight

A smart investor would view this as a positive signal, indicating institutional confidence in CDAQ's prospects. It might warrant further research into CDAQ's management and potential acquisition targets, but also remember that SPACs are inherently speculative.

Key Numbers

• 1,800,000 — Class A Ordinary Shares (beneficially owned by Hudson Bay Capital Management LP)
• 9.9% — percentage of class (beneficially owned by Hudson Bay Capital Management LP)

Key Players & Entities

• Hudson Bay Capital Management LP (company) — the reporting person and beneficial owner
• Compass Digital Acquisition Corp. (company) — the subject company (issuer) of the securities
• State of Delaware (person) — place of organization for Hudson Bay Capital Management LP
• December 31, 2023 (person) — date of event requiring the filing
• $0.001 (dollar_amount) — par value of Class A Ordinary Shares

Forward-Looking Statements

• Hudson Bay Capital Management LP will maintain or increase its stake in CDAQ in the near term. (Hudson Bay Capital Management LP) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.001 — e of Issuer) Class A Ordinary Shares, $0.001 par value (Title of Class of Securitie

Filing Documents

• cdaq13g.htm (SC 13G) — 56KB
• image_003.gif (GRAPHIC) — 0KB
• 0001393825-24-000041.txt ( ) — 58KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is Compass Digital Acquisition Corp., a Delaware corporation (the " Company ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Company's principal executive offices are located at 195 US Hwy 50, Suite 208, Zephyr Cove, NV 89448.

(a)

Item 2(a). NAME OF PERSON FILING: This statement is filed by Hudson Bay Capital Management LP (the " Investment Manager ") and Mr. Sander Gerber (" Mr. Gerber "), who are collectively referred to herein as " Reporting Persons ."

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is 28 Havemeyer Place, 2nd Floor, Greenwich, CT 06830.

(c)

Item 2(c). CITIZENSHIP: The Investment Manager is a Delaware limited partnership. Mr. Gerber is a United States citizen.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Class A Ordinary Shares, $0.001 par value (the " Class A Ordinary Shares ").

(e)

Item 2(e). CUSIP NUMBER: G2476C107 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); (b) ¨ Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) ý Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) ¨ Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) ý Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) ¨ Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) ¨ Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) ¨ Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The information required by Items 4(a) – (c) is set forth in Rows (5) – (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentages used in this Schedule 13G are calculated based upon 5,794,628 Class A Ordinary Shares outstanding as of November 20, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed with the Securities and Exchange Commission on November 20, 2023. The Investment Manager serves as the investment manager to HB Strategies LLC, in whose name the s

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATE: February 2, 2024 HUDSON BAY CAPITAL MANAGEMENT LP By: /s/ Sander Gerber Name:Sander Gerber Title:Authorized Signatory /s/ Sander Gerber SANDER GERBER EXHIBIT I JOINT FILING AGREEMENT The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATE: February 2, 2024 HUDSON BAY CAPITAL MANAGEMENT LP By: /s/ Sander Gerber Name:Sander Gerber Title:Authorized Signatory /s/ Sander Gerber SANDER GERBER

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