IPO and Fundraising - The company completed its IPO on May 29, 2025, raising total gross proceeds of $74,750,000 from the sale of 7,475,000 units at an offering price of $10.00 per unit[100]. - The company incurred $3,259,220 in transaction costs related to the IPO, including $745,500 in underwriting fees and $1,495,000 in deferred underwriting fees[110]. - Underwriting fees included a cash discount of $0.10 per unit, totaling $747,500, and a deferred fee of $0.20 per unit, totaling $1,495,000, payable upon business combination[129]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $682,288, primarily from interest and dividend income of $795,474, offset by formation and operating costs of $113,186[107]. - For the nine months ended September 30, 2025, the company had a net income of $494,905, with interest and dividend income of $1,043,808, and total formation and operating costs of $548,903[108]. - As of September 30, 2025, the company had $76,167,558 held in the Trust Account, which is invested in U.S. Treasury securities[119]. Operational Status - The company has not yet engaged in any operations or generated revenue, relying on the sale of securities and loans from the sponsor to fund operations[102]. - The company plans to use funds held in the trust account to complete its initial business combination and may withdraw interest to pay taxes[120]. - The company issued a promissory note to the Sponsor HoldCo for up to $500,000 to be used for working capital, which is due upon the completion of the initial business combination or liquidation[123]. Working Capital and Expenses - As of September 30, 2025, the company had a working capital deficit of $23,287 and $17,351 in cash[112]. - As of September 30, 2025, the Company had $93,434 in borrowings under working capital loans[125]. - On July 7, 2025, the Company repaid $350,000 of a promissory note and transferred a remaining balance of $76,975 to working capital loans[125]. - The Company does not expect to need additional funds for operating expenditures but may require financing for business combination completion or share redemptions[126]. Regulatory and Compliance - As of September 30, 2025, the Company had no off-balance sheet arrangements or contractual obligations[127]. - Management believes that recent accounting standards will not materially affect the unaudited financial statements[131]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[132]. Future Expectations - The company expects to incur increased expenses as a result of being a public company, including legal and financial reporting costs[106].
ChampionsGate Acquisition Corp Unit(CHPGU) - 2025 Q3 - Quarterly Report