Company: CHPG
Filing Date: 2025-05-06
Form Type: S-1/A
Source: 0001213900-25-039846
Chunk: 146

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-05-06
Form: S-1/A
Chunk 146
---
, and assuming our insiders do not purchase Units in this offering). None of our insiders has indicated any intention to purchase Units in this offering. Our Sponsor HoldCo, sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any out -of -pocketexpenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our Sponsor HoldCo, sponsor, officers, directors or our or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out -of -pocketexpenses incurred by such persons in connection with activities on our behalf. Our sponsor has agreed to loan us up to $500,000 under an unsecured promissory note to be used for a portion of the expenses of this offering. As of December31, 2024, we drew $331,927, against the promissory note. These loans are non -interestbearing, unsecured and are due at the earlier of the date on which we determine not to conduct an initial public offering of our securities or the closing of this offering. These loans will be repaid upon the closing of this offering out of the $1,500,000 of offering proceeds not held in the trust account. 92 In addition, in order to meet our working capital needs following the consummation of the initial public offering if the funds not held in the Trust Account are insufficient, or to extend its life, its insiders, officers and directors or their affiliates/designees may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes, or the “working capital notes,” may be converted upon consummation of our business combination into working capital units at a price of $10.00 per unit, or the “working capital units.” In addition, our insiders, officers and directors or their affiliates or designees may loan us funds in support of our potential extension to allow additional time for us to complete an initial business combination which will be evidenced in extension convertible notes, or the “extension notes,”