Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 342

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 342
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 Capital
Acquisition Corporation” to “Aifeex Nexus Acquisition Corporation” (the “Name Change”).

Promptly following the approval,
the Company filed a Second Amended and Restated Memorandum and Articles of Association (the “Current Charter”) with the Cayman
Islands Companies Register to effect the Name Change. In connection with the Name Change, the Company’s ticker symbols for its units,
ordinary shares and rights changed from “SPHAU”, “SPHA”, “SPHAR”, in each case to “AIFEU”,
“AIFE”, and “AIFER”, and commenced trading under the new symbols on March 12, 2025.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from May 31, 2024 (inception) to December 31, 2024 were organizational
activities, those necessary to prepare for the IPO, described below, and, after the IPO, identifying a target company for an initial business
combination. We do not expect to generate any operating revenues until after the completion of our initial business combination. We may
generate non-operating income in the form of interest income on marketable securities held in the trust account. We incur expenses as
a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses in connection with completing an initial business combination.

12

For the period from May 31,
2024 (inception) through December 31, 2024, we had a net loss of $85,311, which consisted of formation and operating costs of $300,435
and stock-based compensation expense of $53,754, and was offset by the interest and dividend earned on investment held in trust account
of $268,878.

Liquidity and Capital Resources

The Company’s liquidity
needs up to December 31, 2024 had been satisfied through a payment from the sponsor of $25,000 for the founder shares to cover certain
offering costs and the proceeds from the public offering and private placements.

Following the closing of
the IPO and sale of the Private Placement Units on December 6, 2024, a total of $86,250,000 was placed in the trust account, and we had
$533,006 of cash held outside of the trust account, after payment of costs related to the IPO, and available for working capital purposes.
In connection with the IPO