Company: CHPG
Filing Date: 2025-07-07
Form Type: 10-Q
Source: 0001213900-25-061810
Chunk: 45

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-07-07
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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CHAMPIONSGATE ACQUISITION CORPORATION
NOTES TO UNAUDITED FINANCIAL STATEMENTS

Note 1 — Organization, Business
Operation and Going Concern Consideration

ChampionsGate Acquisition Corporation (the “Company”)
is a blank check company incorporated in the Cayman Islands on March 27, 2024 as an exempted company with limited liability. The
Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization
or similar business combination with one or more businesses or entities (the “Business Combination”). The Company’s
efforts to identify a prospective target business will not be limited to a particular industry or geographic location. The Company has
elected December 31 as its fiscal year end.

As of March 31, 2025, the Company had not commenced
any operations. For the period from March 27, 2024 (inception) through March 31, 2024 and the three months ended March 31, 2025,
the Company’s efforts have been limited to organizational activities as well as activities related to the initial public offering
(the “IPO”, see Note 3). The Company will not generate any operating revenues until after the completion of a Business
Combination, at the earliest. The Company will generate non-operating income in the form of dividend and/or interest income from the proceeds
derived from the IPO and Private Placement (see Note 4).

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of
Private Placement Units (as defined below), although substantially all
of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company
will be able to complete a Business Combination successfully.

The Company’s founder and sponsor is ST
Sponsor Limited, a Cayman Islands exempted company (the “Sponsor”). The Company’s ability to commence operations is
contingent upon obtaining adequate financial resources through the IPO and the Private Placement.

On May 29, 2025, the Company consummated IPO of
7,475,000 units (including 975,000 units issued upon the full exercise of the over-allotment option, the “Units”). Each Unit
consists of one Class A ordinary share (the “Class A ordinary share”), $0.0001 par value per share, and one right (“