Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 118

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 118
---
 convert the promissory note, in whole or in part, into Private Placement Units of the Company, that
are identical to the Private Placement Units issued by the Company in the Private Placement consummated simultaneously with the Company’s
IPO, subject to the Cap described below, by providing the Company with written notice of the intention to convert at least two business
days prior to the closing of the Initial Business Combination. The number of Private Placement Units to be received by the Sponsor HoldCo
in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to
the Sponsor HoldCo by (y) $10.00.

Up to $1,500,000 of the loans (the “Cap”)
made by our Sponsor HoldCo, sponsor, our officers and directors, or our or their affiliates to the Company prior to or in connection with
our initial business combination may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation
of our initial business combination. The units would be identical to the placement units. The terms of such loans by our officers and
directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans
from parties other than the Sponsor HoldCo, the sponsor, the officers and directors or their affiliates as we do not believe third parties
will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

As
of September 30, 2025, the Company had $93,434 of borrowings under the working capital loans.

On
July 7, 2025, the Company repaid $350,000 of the promissory note, dated April 18, 2024, to Sponsor and transferred the remaining balance
of $76,975 to the working capital loans.

We do not believe we will need to raise additional
funds in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary
to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may
need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant
number