Company: CHPG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077011
Chunk: 107

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 of the initial Business Combination. On May 29, 2025, a total of $75,123,750 of the net proceeds from the IPO
and the Private Placement was deposited in a trust account established for the benefit of the Company’s Public Shareholders at a
U.S. based trust account, with Continental Stock Transfer & Trust Company, acting as trustee.

We also issued to Clear Street LLC, the representative
of the underwriters of the IPO, 112,125 Class A ordinary shares as part of the underwriting compensation (the “Representative Shares”)
on the closing date of the IPO. The Representative Shares are identical to the Class A Ordinary Shares included in the Units, with certain
exceptions.

Since our IPO, our sole business activity has
been identifying, evaluating suitable acquisition transaction candidates and preparing for consummation of a Business Combination. We
presently have no revenue and have had losses since inception from incurring formation and operating costs. We have relied upon the sale
of our securities and loans from the Sponsor and other parties to fund our operations.

On June 16, 2025, the Company announced that holders
of the Company’s units may elect to separately trade the Class A ordinary shares and rights included in its units, 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.”

17

Recent Development

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”) up to July 31, 2025, and the Offer Letter shall be deemed to have been terminated as of July 31, 2025.

Results of Operations

We have neither engaged in any operations nor generated any revenues