Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 50

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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NOTES
TO UNAUDITED FINANCIAL STATEMENTS

Note 1 — Organization,
Business Operation and Going Concern Consideration

Pantages
Capital Acquisition Corporation (the “Company”, formerly known as “Aifeex Nexus Acquisition Corporation” and
“Shepherd Ave Capital Acquisition Corporation”) is a blank check company incorporated in the Cayman Islands on May 31,
2024 as an exempted company with limited liability. The Company was formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or similar business combination involving the Company, with one or more
businesses or entities (the “initial business combination”). The Company’s efforts to identify a prospective target
business will not be limited to a particular industry or geographic location. The Company has elected December 31 as its fiscal
year end.

As
of September 30, 2025, the Company had not commenced any operations. For the period from May 31, 2024 (inception) through September 30,
2025, the Company’s efforts have been limited to organizational activities, activities related to the initial public offering (“IPO”,
see Note 3), and search for target for business combination. The Company will not generate any operating revenues until after the
completion of an initial business combination, at the earliest. The Company will generate non-operating income in the form of dividend
and/or interest income from the proceeds derived from the IPO and Private Placement (“Private Placement”, see Note 4).

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale
of the Private Placements Units (as defined below), although substantially all of the net proceeds are intended to be applied generally
toward consummating an initial business combination. There is no assurance that the Company will be able to complete an initial business
combination 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”),