Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 1100

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 1100
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 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 December 31, 2024, the Company had not commenced
any operations. For the period from May 31, 2024 (inception) through December 31, 2024, the Company’s efforts have been limited
to organizational activities as well as activities related to the initial public offering (“IPO”, see Note 3). 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”),
the “Units”). Each Unit consists of one Class A ordinary share (the “Class A ordinary share”), $0.0001 par value
per share (collectively, the “public shares”), and one right to receive of one-fifth of one Class A ordinary share
upon the completion of the initial business combination of the Company. The Units were sold at an offering price of $10.00 per Unit, generating
total gross proceeds of $86,250,000.

Simultaneously with the consummation (the “closing”)
of the IPO and the sale of the Units, the Company consummated