Company: CHPG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077011
Chunk: 22

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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’s initial Business Combination, without interest, or, at the
lender’s discretion, up to $1,500,000 of the notes (“Working Capital Loans”) may be converted upon consummation of the
Company’s Business Combination into working capital Units at a price of $10.00 per Unit. If the Company do not complete a Business
Combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.

On June 26, 2025, the Sponsor HoldCo agreed to
loan the Company up to $500,000 to meet the Company’s working capital needs following the consummation of the IPO. The loan was
evidenced by a promissory note that was non-interest bearing and unsecured, and it was to be paid upon the earlier of (1) the date on
which the Company consummates a business combination or merger with a qualified target company, and (2) the date of the liquidation
of the Company. The Sponsor HoldCo has the right, but not the obligation, to convert this loan, in whole or in part, into private units
of the Company, each consisting of one Class A ordinary share, one right to receive one-eighth of one Class A ordinary share. The number
of private 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.

As of June 30, 2025 and December 31, 2024, the
Company had no borrowings under the Working Capital Loans.

Due to/Due from Related Parties

On May 21, 2024, the Company signed the offer
letter with the CEO and CFO for compensation of $7,500 and $5,000 per month in cash and $10,000 and $6,000 per month in cash for the post-IPO
period, respectively.

On May 11, 2025, the Company executed an amendment
to the offer letter by and between the CEO and the Company, dated May 21, 2024, and an amendment to the offer letter by and between the
CFO and the Company, dated May 21, 2024 (the two amendments, collectively, “Amendments”), to revise the terms of the management
compensation. Effective on May 11, 202