Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 502

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 502
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 successfully.

The Company’s founder and sponsor is Aitefund
Sponsor LLC, a Delaware limited liability company formerly known as "Shepherd Ave Capital Sponsor LLC” (the “Sponsor”).
The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through the IPO and the Private
Placement.

On December 6, 2024, the Company consummated IPO
of 8,625,000 units (including 1,125,000 units issued upon the full exercise of the over-allotment option (the “Over-Allotment Option”),
the “Units”). Each Unit consists of one Class A ordinary share (the “Class A ordinary share”), $0.0001 par value
per share (collectively, the “public shares”), and one right to receive of one-fifth of one Class A ordinary share
upon the completion of the initial business combination of the Company. The Units were sold at an offering price of $10.00 per Unit, generating
total gross proceeds of $86,250,000.

Simultaneously with the consummation (the “closing”)
of the IPO and the sale of the Units, the Company consummated the Private Placement of 244,250 units (the “Private Placement Units”)
to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total proceeds of $2,442,500, which is described in Note 4.
Each Private Placement Unit consists of one Class A ordinary share, and one right to receive of one-fifth of one Class A ordinary
share upon the completion of the initial business combination .

Transaction costs amounted to $2,528,729, consisting
of $1,078,125 of underwriting commissions which was paid in cash at the closing date of the IPO, $862,500 of deferred underwriting commissions,
and $588,104 of other offering costs. At the IPO date, cash of $941,835 was held outside of the Trust Account (as defined below)
and is available for the payment of accrued offering costs and for working capital purposes.

The Company’s initial business combination
must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the Trust
Account (excluding any deferred underwriters’ fees and taxes payable on the income earned on the Trust Account) at the time of the
agreement to enter into the initial business combination. The Company will