Company: PGACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044013
Chunk: 6

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 completion of the IPO, in accordance with Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company has determined
not to consummate any initial business combination unless the Company has net tangible assets of at least $5,000,001 upon such consummation
in order to avoid being subject to Rule 419 promulgated under the Securities Act.

If the Company does not complete its initial business
combination by the Combination Deadline, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay taxes that were paid by the Company or are payable by the Company, if
any (less up to $100,000 of interest generated from the funds held in the Trust Account to pay dissolution expenses) divided by the number
of the then-issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any); and, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of its remaining shareholders and its board of directors, liquidate and dissolve, subject in
each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
time). The Sponsor and each member of management team have entered into an agreement with the Company, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares, Class A ordinary shares underlying the Private Placement Units (the
“private shares”), and any public shares held by them in connection with the completion of the initial business combination
and to waive their redemption rights with respect to their founder shares, private shares, and public shares in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated articles of association (A) to modify the substance or timing
of our obligation to allow redemption in connection with the initial business combination or to redeem 100% of the public shares if the
Company does not complete its initial business combination within 15 months from the closing of this offering (or up to 18