Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 16

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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) will be classified as temporary equity. At all other times, ordinary
shares will be classified as shareholders’ equity. In accordance with ASC 480-10-S99, the Company classifies the Class A
ordinary shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the
Company. Given that the 8,625,000 Class A ordinary shares sold as part of the Public Units in the IPO were issued with other
freestanding instruments (i.e., rights), the initial carrying value of Class A ordinary shares classified as temporary equity has
been allocated to the proceeds determined in accordance with ASC 470-20. If it is probable that the equity instrument will become
redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance
(or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the
instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument
to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes in the redemption
value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting
period.

9

As
of September 30, 2025 and December 31, 2024, the Class A ordinary shares subject to possible redemption reflected in the balance sheets
are reconciled in the following table:

    Class
    A
 ordinary 

    shares

    subject to 

     possible

                                            redemption 
  
    Balance as of May 31, 2024
    (Inception) 
    $- 
  
    Gross
    Proceeds 
     86,250,000 
  
    Proceeds
    allocated to public rights 
     (1,565,438)
  
    Class A ordinary
    shares issuance cost 
     (2,470,987)
  
    Initial measurement
    of carrying value to redemption value 
     4,036,425 
  
    Remeasurement
    of carrying value to redemption value 
     268,878 
  
    Balance as of December 31,
    2024 
    $86,518,878 
  
    Remeasurement
    of carrying value to redemption value