Company: CHPG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077011
Chunk: 35

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 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 us 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 our Sponsor HoldCo, sponsor, our officers and directors or an affiliate of theirs 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.

19

As of June 30, 2025, the Company, had $0 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 loan.

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 of our public shares upon completion of our initial business combination, in which case we may issue additional securities or incur
debt in connection with such business combination.

Off-Balance Sheet Arrangements; Commitments
and Contractual Obligations; Quarterly Results

As of June 30, 2025, we did not have any off-b