Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 9

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 9
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 combination,
we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case,
our initial shareholders have agreed to vote their founder shares and public shares in favor of our initial business combination. As a
result, for purpose of seeking shareholder approval for our initial business combination, in addition to our founder shares and Class
A ordinary shares underlying the Private Placement Units (the “private shares”), we would need additional 1,096,542 public
shares to vote in order to obtain a quorum which is, pursuant to the Current Charter, one-third of our shareholders entitled to vote
at the meeting. Once a quorum is obtained, (i) assuming only a quorum is present and voted at such meeting held to vote on our initial
business combination, we do not need any additional vote from public shareholders to approve the initial business combination, or (ii)
assuming all issued and outstanding shares are present and voted, we need additional 2,697,408, or 36.0%, of the 7,500,000 public shares
sold in this offering to be voted in favor of a transaction (none of our officers, directors, initial shareholders or their affiliates
has indicated any intention to purchase units in this offering or any units or Class A ordinary shares in the open market or in private
transactions (other than the private units)).  Each public shareholder may elect to redeem their public shares irrespective of whether
they vote for or against the proposed transaction or vote at all.

Limitation
on Redemption upon Completion of our Initial Business Combination if We Seek Stockholder Approval

If we seek shareholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our Current Charter provides that a public shareholder, together with any affiliate of such shareholder or any
other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the IPO, which
we refer to as “Excess Shares,” without our prior consent. We believe this restriction will discourage shareholders from accumulating
large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights