Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 1129

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 13
Chunk 1129
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Item
13. Certain Relationships and Related Transactions, and Director Independence.

Founder
Share Issuance

On June 14, 2024, our CEO,
Mr. William W. Snyder, our CFO, Ms. Jia Peng, and our sponsor, Aitefund Sponsor LLC, acquired an aggregate of 1,725,000 founder shares,
for an aggregate purchase price of $25,000. On July 9, 2024, an additional 431,250 founder shares were issued, at par value, to the sponsor,
for the purchase price of $43, resulting that the sponsor to hold 1,996,250 founder shares.

On
December 4, 2024, the effective date of the registration statement of the IPO, the sponsor transferred an aggregate of 60,000 of its
founder shares, or 20,000 each to its three independent directors for their board service, for nominal cash consideration, of $696.

Sale
of Private Placement Units 

On
December 6, 2024, simultaneously with the closing of the IPO, the Company completed the Private Placement of 244,250 Private Placement
Units to the Company’s sponsor, at a purchase price of $10.00 per Private Placement Units, generating gross proceeds to the Company
of $2,442,500.

Working
Capital Note

In order to meet our working capital needs following the consummation
of this offering or to extend our life, our insiders, officers and directors and their respective affiliates/designees may, but are not
obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each
loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without
interest, or, at the lender’s discretion, up to $3,000,000 of the notes, or the “working capital notes,” may be converted
upon consummation of our initial business combination into working capital units at a price of $10.00 per unit, or the “Working
Capital Units.” In addition, our insiders, officers and directors or their affiliates or designees may loan us funds in support
of our potential extension to allow additional time for us to complete an initial business combination which will be evidenced in extension
convertible notes, or the “extension notes,” to be repaid in cash or $10.00 per