ChampionsGate Acquisition, a blank check company led by SPAC veteran Bala Padmakumar, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Monterey, CA-based company now plans to raise $65 million by offering 6.5 million units at $10. The company had previously filed to offer 20 million units. Each unit still consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination. At the revised terms, ChampionsGate Acquisition will raise 68% less in proceeds than previously anticipated.
The SPAC is led by CEO and Chairman Bala Padmakumar, a broad based entrepreneur and technologist. Padmakumar's prior SPAC experience includes serving as Chairman of Four Leaf Acquisition (FORL; +14% from $10 offer price), which has a pending merger agreement with Chinese car wash chain Xiaoyu Dida, and serving as CEO of Monterey Capital Acquisition, which merged with ConnectM Technology Solutions (CNTM; -93%) in July 2024.
ChampionsGate Acquisition has not selected a target industry or geography, but plans to focus on businesses with a competitive advantage in their core business that are positioned to bring in high returns and long-term sustainable growth.
ChampionsGate Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol CHPGU. Clear Street is the sole bookrunner on the deal.
