Company: CHPG
Filing Date: 2025-07-07
Form Type: 10-Q
Source: 0001213900-25-061810
Chunk: 89

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-07-07
Form: 10-Q
Item: Part I, Item 2
Chunk 89
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 consideration price of $2,550.72 to be received from directors
and officers in exchange for the transfer of certain insider shares) and up to $500,000 in loans from our sponsor under an unsecured promissory
note.

Following the closing of the IPO and sale of the
Private Placement Units on May 29, 2025, a total of $75,123,750 was placed in the trust account, and we had $464,339 of cash held outside
of the trust account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO,
we incurred $3,259,220 in transaction costs, consisting of $745,500 of underwriting fees, $1,495,000 of deferred underwriting fees, $293,020
of the Representative Shares, and $723,700 of other offering costs.

In conjunction with the IPO, the Company issued
to the underwriter 112,125 Class A ordinary shares for no consideration (the “Representative Shares”). The fair value of the
Representative Shares accounted for as compensation under the Financial Accounting Standards Board’s Accounting Standards Codification
(“ASC”) 718, “Compensation – Stock Compensation” (“ASC 718”) is included in the offering costs.
The estimated fair value of the Representative Shares as of the IPO date totaled $293,020.

As of March 31, 2025, we had $2,532 in cash and
a working capital deficit of $636,853 excluding deferred offering costs. Upon the closing of the IPO and the Private Placement on
May 29, 2025, cash of $464,339 was held outside of the trust account and is available for the payment of offering costs and for working
capital purposes.

19

We intend to use the funds held in the trust account,
including any amounts representing interest earned on the trust account (which interest shall be net of taxes payable and up to $100,000
of interest released to us to pay dissolution expenses) to complete our initial business combination. We may withdraw interest to pay
taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in
the trust account. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to complete our initial
business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations