Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 33

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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, commencing on
or about June 20, 2025. The Class A ordinary shares and rights would trade on the Nasdaq Global Market (“Nasdaq”) under the
symbols “CHPG” and “CHPGR”, respectively. Units not separated would continue to trade on Nasdaq under the symbol
“CHPGU.”

Recent Developments

On July 31, 2025, Mr. Bala Padmakumar, then Chairman,
CEO and director of the Company notified the board of directors of the Company, that he has decided to resign all the positions he held
at the Company, effective immediately.

Mr. Padmakumar had no known disagreement with
the Company on any matter relating to the Company’s operations, policies or practices.

Mr. Padmakumar has received all the monthly compensation
payments as provided in the offer letter by and between him and the Company, dated as of May 21, 2024 and as amended on May 11, 2025 (“the
Offer Letter”) through July 31, 2025, and the Offer Letter shall be deemed to have been terminated as of July 31, 2025.

On October 17, 2025, Mr. Timothy Boon Liat Lim
was appointed as the Chairman, CEO and director of the Company, effective immediately. In connection with the appointment, the Company
extended an offer letter to Mr. Lim (the “New Offer Letter”), which he accepted on October 17, 2025, pursuant to which Mr.
Lim shall receive $13,250 if and when the Company enters into a definitive agreement with a target company and another $13,250 if and
when the Company consummates an initial business combination with a target company.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare
for the IPO and after the IPO, identifying a target company for a Business Combination. Following the IPO, we will not generate any operating
revenues until after completion of our initial business combination. We expect to generate non-operating income in the form of interest
and dividend income on investment held in trust account after the IPO. After the IPO, we expect to incur increased expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses
in connection with completing a Business Combination.

For the three months ended September